April 25, 2014 (Newswire.com) - The simplest explanation of Big Data is that it is that data which can't be easily queried or structured using standard relational database. It is a collection of data from traditional as well as digital sources , inside or external to company.
Big Data is the latest trend in the IT sector after Cloud Computing, with the demand to manage newer types of data many organisations are leveraging Big Data and is looking at it with a pool of opportunities.
Big Data Projects are more of an Opportunity rather than a Challenge.
The amount of data in our world is exploding. There is a strong urge to analyse these larger data sets in order to gain competitive advantage. In the near future we will witness a exponential growth in the big data sector due to rising multimedia , internet, and increase in volume of data in social media and enterprises.
Usually Big enterprises are the ones stealing headlines to be leveraging Big Data to all extents. Large Technology providers have brought markets to a frenzy, demanding the requirement of improved tools to cut through huge volumes of data and information.
One of the reasons for limited use of Big Data was the notion that only large enterprises could fully utilize all possibilities that Big Data offers. It was believed that smaller organisations lack resources to be able to collect, store or handle Big Data. Fortunately small businesses are no longer left out from the Big Data race, infact all large or small enterprises all over the world can leverage Big data and its business analytics.
Big Data helps smaller businesses to better target their services and get more revenues out of their production and marketing investments.
Small and Medium-sized Businesses can be benefited from Big Data as the exposure to data will motivate the business owners to share the insights with employees and can even get them involved in companies competitive decisions.
Whether large or small, all kinds of businesses try to sustain in this challenging industry . With new emergents and ever changing technology and patterns its difficult to build a consistent towering business. With this being the case the managers and entrepreneurs must have the insights to better formulate their marketing strategies.
Small businesses can have huge benefits from big data, as more and more data is available online making it easier for people to find and use it , this is a good news for small businesses as plenty of startups will move forward to help customers there.
Big data is just not for fortune companies instead startups have all the required abilities and resources to make use of such massive amounts of data to target their tailored services or products more specifically in market.
Big data prevents smaller firms with the hit and trial method to find their targeted group instead it helps to understand the patterns which is in fact crucial for every business and these figures can tell specific things related to a business respective niche.
Now Big Data tools and analytics are available and even affordable to businesses with smaller budgets making it a competitive landscape provided all are given equal opportunities to leverage big data.
Just follow these simple steps to incorporate Big Data into your small business:
1. Bind up your Data
The foremost step is combining data from various silos for gaining advantage from Big Data's predictive capabilities. These technologies include classification, cluster analysis, data fusion and integration, genetic algorithms, natural language processing, neural networks etc.
Additional technologies applied to big data include parallel processing databases, search based applications,data mining grids and cloud based infrastructure. Big data requires exceptional technologies and tools to process efficiently large chunks of data within certain time limits.
Big data can now be achieved with more affordable IT. Most of the large enterprises are running customer relationship management (CRM) and enterprise applications for long enough and have aggregated huge mass of critical data in them.
2. Data testing
On gathering all of the data as described in step one, testing the data can be commenced which can be done quickly . Analyse the data and validate your result.
This information is not only valuable to understand what people say about your competition but also plays a key role in determining what people are saying about your business and its growth.
While it seems that medical research and huge scientific projects are core part of big data and naturally fits in, there's no reason why startups or smaller firms cannot benefit There is undoubtedly huge opportunities for smaller companies and enterprises in Big data sector.
Among all the most interesting thing is the accessibility of applications by smaller businesses from the cloud mainly in the areas of ecommerce and marketing .
3. Know more about Big Data
Ideally it has to be the first step in the process but it is listed after step two as data should be there at first place . The right kind of data will enable you to understand and drive appropriate business decisions as what to offer in products and services and how to market effectively to drive enough sales, big data proves to be a origin of acumen.
But it should be kept in mind that Big Data is not a magic bullet and it does not provide or guarantee a positive outcome always but it increases the chances of success to a certain extent and is a wonderful tool which can be added in the strategic development process of an enterprise.
Small businesses do have an advantage over large organizations that is they have the ability to quickly test new methods without going through significant studies .
The adaptation of big data will lead to growth and hence competition for individual enterprises . From the standpoint of competitiveness Big Data should be given high importance and needs to be taken seriously by all firms whether big or small.
Most enterprises , new entrants, startups and established firms will leverage the potential benefits that big data offers to compete, innovate and capture real time informations. The use of big data will derive new streams of productivity growth and consumer surplus.
Ultimately as big data turned to be more affordable it should be given a priority by all small scale businesses to embrace it. By using businesses will have a strong understanding of their desired markets and targets. Big data is a valuable asset for all businesses at all kinds of levels.
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