2013-07-26 00:00:00TechnologyEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/big-data1.jpghttps://quickbooks.intuit.com/in/resources/technology/big-data-is-it-important-for-small-companies/Big Data – Is It Important For Small Companies?

Big Data – Is It Important For Small Companies?

2 min read

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, Big Data 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 Is Big Data Important For Small Companies? Big Data 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: Big Data brings about a lot of data around your products and services. The data spans from data 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, data around your eco-system abounds. It is, therefore, important that you are equipped with the appropriate analytical tools to decipher this data and use it for your strategy 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 Big Data. Do write in to us with your insights and learnings so far on this subject.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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