Big Data Mean to Your Business

First there was dot-com. Then web 2.0. Then cloud computing. Now it seems “big data” is catching all the headlines.

Big data is the term used to describe the enormous datasets that have grown beyond the ability for most software to capture, manage and process the information.  But volume is not the only way to define big data. The three Vs generally used to describe big data also include the multiple types – and sources – of data (variety) as well as the speed (velocity) at which data is produced.

 

If you need more perspective, think about this for a second: According to IBM, 90 percent of the data in the world today has been created over the past two years. That amounts to 2.5 quintillion bytes of data being created every day.

 

How can big data help me?

Big data may seem to be a bit out of reach for SMBs, non-profits and government agencies that don’t have the funds to buy into this trend. After all, big usually means expensive right?

But big data isn’t really about using more resources; it’s about effectively using the resources at hand. Take this analogy from Christopher Frank of Forbes who likened big data to the movie Moneyball: “If you have read Moneyball, or seen the movie, you witnessed the power of big data – it is the story about the ability to compete and win with few resources and limited dollars. This sums up the hopes and challenge of business today.”

Specifically, it shows how organizations with limited financial resources can stay competitive and grow. But first, you have to understand where you can find this data and what you can do with it.

 

Big data strategies

Ideally, big data can help resource-strapped organizations:

  • Target their market
  • Make better decisions
  • Measure feelings and emotions

 

Targeted marketing

Small businesses can’t compete with the enormous advertising budgets that large corporations have at their disposal. To remain in the game, they need to spend less to reach qualified buyers. This is where it becomes essential to analyze and measure data to target the person most likely to convert.