New technologies that have lowered costs while raising software capabilities have levelled the playing field for SMBs, now capable of harnessing big data in more meaningful ways. According to The Washington Post, as big data drives changes in the business landscape, small businesses will increasingly turn to business intelligence (BI) tools to make sense of large information pools that previously were of little use to them, costing more than the benefits they presented.
The news source recommends that businesses new to data analysis focus on the design of their operations, taking the necessary time to ensure that the data purchased is of use and that proper data discovery solutions are put in place at the onset of any big data venture. With eDiscovery, businesses and researchers can gain access to large public cloud databases and use them to perform important studies that can benefit companies as well as scientists.
IT professionals are now developing software capable of performing real-time business analytics, a significant trend shift for businesses looking to advance their marketing and data discovery activities. These programs may offer companies the ability to keep constant track of social enterprise and changing consumer trends, blending real-world events with the hard data behind them to make for better marketing and sales strategies.
How big data helps small businesses
NPR defines big data as an aggregation of information that would be too difficult to manage without business intelligence analytics tools. The source notes that big data may always seem unlimited to those who use it, with big data expanding at a rate that's naturally far greater than that of the human race. However, with the advent of automated analytics systems that can perform much of the review currently done by people, it's possible that big data will grow both more bearable and see more practical use.
Where big data was once relegated to big businesses with the information capacity and deep wallets necessary for analytics, improvements in data analysis and significant cuts to storage costs have led small businesses to become some of the most innovative entities of our time, the Washington post writes.
The New York Times claims that new data analytics software helps small businesses keep in touch with the changing trends among their clients. Giving the example of an artisanal wine cellar, the news source explains that online data collection from social enterprise has significantly improved retailers' marketing tactics, offering insight into real-time changes in consumer trends.