Making big data work for small businesses

While traditionally large enterprises had the resources to leverage data analytics, availability of visual analytics as a service has enabled small and medium enterprises (SMEs) to reap the benefits of technology.

Information is the lifeline of any business and is a highly valued asset in today’s connected world which is generating data at an exponential pace. In fact, big data analytics is changing the very way in which some businesses operate. And while traditionally large enterprises had the resources to leverage data analytics, availability of visual analytics as a service has enabled small and medium enterprises (SMEs) to reap the benefits of technology.

With SMEs deploying and investing in big data, a data-driven culture in businesses is not a far sight. A 2017 global study of small business owners showed that 80% of businesses found the technical deployment of a data strategy was easier than they anticipated and 70% responded saying that the investment exceeded their expectations. While many small businesses are already embracing the benefits of big data, there are others who are yet to initiate the process.

A report published by Research and Markets forecasts that big data deployment by SMEs will grow at a CAGR of 43% by 2018. Same data may be available to all players; but state-of-the-art BI solutions will enable an organization to leverage these insights much better than rivals do. Hence SMEs will continue the momentum of investing in big data and business analytics.

Here are some tips to unlock your data potential to stay ahead of your competition.

There are so many platforms and sources available to maximise data that it is difficult for small businesses to know where to begin. But in fact, getting started is much easier than you think. Data strategy starts with a single question—what do you want to know? The first question you ask will be basic; but your second will be better. You won’t be an expert straight away, but this is a data journey and you’ll become more sophisticated along the way.

While SMEs, particularly in new companies, might not have a huge amount of their own data, using the vast amount of information that is available from external sources can unlock a huge amount of insights. Publicly available data from government bodies can help you scenario plan and anticipate changes in customer behaviour.