Does Big Data have a Place in Small Businesses?

– P.C. Kiran, AVP - Engineering, Impetus Infotech

Big Data is the current fervor throughout several industry verticals. In not only business and industry, it is being leveraged also in public service sector and governance as well. Information is crucial in today’s market, as business complexity has grown exponentially over times. Customer orientations, product reviews, buying trends are the immediate aspects that affect production as well as marketing of any products. Companies and enterprises have to rely on market information to formulate effective business strategies for optimal RoI. Big Data, on the other hand, is emerging to be the free source of information that could shapeup innovation in business ideas, render pace in marketing and thereby, boost profits. The only barrier between the plethora of advantages offered by Big Data and a venture is the size of Big Data itself and constraints in technology.

“The best feature that small companies have is agility, which makes them the perfect contender to act on data derived insights with speed and efficiency.”

Big Data Can Help SMEs Impact Bulk of the Population
Most small businesses start with narrow scopes in the market. Leveraging big data appears to be beyond the paradigms of their operation. However, Big Data can emerge as the core of such small business offering the most beneficial edge for market operations. On the other hand, the expanse of small businesses in market is extended such that their contribution to any industry cannot be ignored. A study by Forbes noted that in US alone, small businesses employ 50% of the working population.

Recently, Howard Baldwin from the same enterprise has indicated the significance of big data in small business. He noted that, in fact, Big Data could be leveraged by small enterprises in a similar way to that of large enterprises. Moreover, there is no constraint to utilize this as long as companies have adequate technology.One of the reasons why small businesses should not restrain from big data iseventually these enterprises will have to penetrate into the domain on the way to growth. If small companies need to grow, they will have to use Big Data to make larger impact on their businesses. Therefore, it is better for them to form the approach in the initial stage. The point is; earliera small business starts with Big Data, faster will be its growth.Small business focus on specific entities in the market that might have no relevance to big data, however, existence ofcertain indirect elements in this massive sphere that will offer quick drive to the business is certain. It is up to the business how it can turn the instrument in their favor.

You Can’t Ignore Big Data
The size and exponential growth of big data brings massive possibility of new opportunities to small businesses. According to IDC, after 5 years by 2020, the amount of data we will have to deal with will be about ten times of what it is today. Data size will grow to 44 trillion of gigabytes. Therefore,measure of data will soon be in terms of Zettabytes. Although much of this bulk is irreverent and random, data can be mined for useful information and pattern. In fact, it is the crux of big data, which is basically, the part of information carved out of this massive randomness and its extent of utilization is dependent of the power to segregate useful information from the rest. Research by IDC indicates that about 22% of the total bulk is useful now, but by 2020, this amount will rise to 37%.

Agility Makes SMEs Perfect for Big Data Adoption
In Business Standard, Data consultant Bernard Marr noted that small businesses, in fact, are at more advantageous position than large organizations to use Big Data. The best feature that small companies have is agility, which makes them the perfect contender to act on data derived insights with speed and efficiency.Small businesses are flexible enough to work on a derived pattern of information in a timely fashion. He also noted that big data is increasingly becoming simpler to use, which is an advantage for small enterprises.

Kevin Tully, another consultant, pointed out that any business operating for more than one or two years will accumulate massive data sets enough to be considered as referential information that can offer a new edge to the business.Small business should approach Big Data as a tool to solve constraints in business. There are hundreds of easily accessible technologies,which help to analyze the right data sets. For this, enterprises should define the problem accurately and search for the right set of information in the data sphere. This will help to formulate an effective strategy to mine relevant information and facilitate inselecting the most effective technology for it.
Technology infrastructures that are offered by service providers such as Amazon AWS, Microsoft Azure and other IaaS providers are equal for big as well as small companies. There is no limitation in any service based on business size of their client. Many service plans are actually beneficial for small business from the prospects of their flexibility and features.

Hence, small businesses should foray into Big Data for faster and comprehensive growth of their businesses. The trend is upbeat across every industry verticals and it is up to these small players how fast they adapt to it.