Today’s competitive battleground is fuelled by information and data, companies will harness the power of data to drive growth and boost revenue flow. Understanding and harnessing the full potential power of data will help companies store, manage and act upon the volume, velocity, and variety of data to drive growth and ROI.
What is Big Data?
Big data is about extracting value and driving actionable insights from all types of data- unstructured, structured, and semi-structured. So what exactly is big data? Big data is the term used to describe a massive volume of data that is so large and complex that it’s too difficult to process using traditional database systems and software techniques. It’s too big and too fast that it requires advanced technology and best practices to capture processes and analyze, companies that do so effectively can use it to their advantage and gain.
What potential does big data hold for small businesses?
SMEs adopting big data technologies and techniques stand to recognize many benefits and advantages similar to their large corporate rivals. By dealing with key technical challenges and using advanced analytics to unlock timely key information, companies can realize the many benefits of big data, from achieving business agility to discovering new capabilities, and even predicting pitfalls and outcomes.
Advantages of Big data in SMEs:
- Enable a much faster and more precise decision making, by value and insights into big data, companies can improve their decision-making capability and achieve competitive advantages over their much larger competitors.
- Big data help in spotting business trends and patterns, and in the exploitation of these trends for more effective marketing efforts through more accurate personalization and targeting.
- Big data enable a much more effective way of asset management and utilization through condition-based maintenance and systematic monitoring.
- Companies can leverage big data analytics to identify possible problems or threats, lower IT operational and maintenance costs, and reduce the chance of business interruption from IT failures.
- Big data can boost revenue flow by providing a contextual understanding of information that the company can then employ to its advantage and gain.
- Big data can help location-dependent companies such as retailers and oil companies in finding the most advantageous location for their business, reducing costs and development time.
- Boost Customer retention and deepen the relationship. Big data is transforming the way companies interact with their clients, offering the potential to dramatically increase customer value. Large corporations have been using huge, expensive, and complex customer profiling and competitor analysis tools but only now that these tools are becoming available to small players, all within their reach. The new customer data mining tool is bringing great advantages to SMEs, attracting and retaining customers while lowering IT costs and customer acquisitions.