What is Big Data?
A quick search of Big Data on Wikipedia throws up this definition, “Big Data is a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications.”
This definition by Wikipedia merely emphasizes the voluminous nature of Big Data and does not talk about its information value. Gartner provides a more complete definition by saying, “Big data is high-volume, high-velocity, and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.” So then,
What can see seen in three distinct parts:
• That it is high-volume, high-velocity, and high-variety data points or information
• That it requires innovative forms of analytical tools and information processing, and finally,
• That it has the capability to provide enhanced insight and enable decision making.
Why it is Important For Small Companies?
BigData is increasingly assuming enormous importance with every passing day. And it is not applicable to large companies alone. New and small companies are also expected to be in control of every data that is floating around related to their business.
Treading with caution, most business owners are therefore wondering, does Big Data apply to them? Is it important for their small ventures? We say ‘Yes’. And this is why:
• Information on Your Offerings:
BigData brings about a lot of data around your products and services. The data spans from info around your customer requirements to feedback on the present offerings to how improvements can be made.
Once collected in one place, businesses can use analytical tools to derive the meaning of these bare data-points in order to structure their offerings more efficiently.
• Information On Your Ecosystem:
Data points on consumer preferences, their changing needs, demand and supply scenario, supply-chain management – all of these make up your eco-system. With both online and offline media proliferation, info around your eco-system abounds. It is, therefore, important that you are equipped with the appropriate analytical tools to decipher this info and use it for your strategic decisions.
• Your Clients Will Demand It:
That is, in case they have not already started asking for it. Most clients are equally flummoxed by the volume of data that is floating around in the world today. They will ask you a whole lot of questions, in their concern ‘to make sense of it all’.
Key is how prepared you are to give them well-derived insights. If you are able to do that, you will not only secure their trust and respect, you will also be able to give yourself the extra edge in the market.
• Your Future Is Dependent On It:
Analysis of Big Data helps in taking not only operational decisions but also strategy-related. Inferences from the data points will enable you to understand not only the present market but will also assist you to pre-empt the future.
Hence, it becomes an important tool for your survival and growth in both the near-term as well as the long-term. We would like to hear from you about your preparedness to confront BigData. Do write in to us with your insights and learnings so far on this subject.