Big data refers to large volumes of structured and unstructured data; however, processing such massive volumes of data through traditional data management tools is inefficient and impossible. To understand big data, you need to be aware of the devices that collect it today, for example, barcode scanners, mobile cameras, CCTV cameras, motion sensors, smoke alarms, web analytics tools, CRM, etc From the examples, you can see that these devices collect a wide range of data types, hence the structured and unstructured part of the definition. The sheer speed at which data is produced cannot be controlled or processed with traditional methods and tools.

However, the use of big data and the incorporation of big data analytics technology gives companies a competitive advantage over their competitors.

Big Data and Small Businesses

It’s just a thing of the past when terms like big data and business intelligence were associated only with large companies. Today, small businesses have to take advantage of the data they collect to stay a part of the competition. For years, cost has been the main reason small businesses have not embraced big data analytics technologies, but that has now changed. There are inexpensive tools available for small businesses to take advantage of the data they collect today. According to some experts, small companies can take better advantage of big data, since they can make the necessary changes much faster than large companies, that is, respond in real time to the insights of the available data.

According to a 2016 IDG study, 78% of large companies agree that big data strategy has the power to change the way companies have always operated. This shows the acceptance of big data technology and strategies for large companies and reinforces the fact that small companies could become irrelevant if they did not adopt the same strategies.

Benefits of Big Data Analytics

Big Data and Big Companies, a report by IIA Director of Research Tom Davenport, reveals that companies are greatly benefiting from big data analytics, especially to improve their products, make faster business decisions, and reduce costs. Here are some ways that small businesses can benefit from big data.

• Cost savings

The initial cost of implementing big data tools and strategies is undoubtedly high, but the long-term benefits of doing so are unmatched. The healthcare industry is a great example of how the use of big data can help companies reduce their costs, regardless of their size. Using predictive analytics, Medicare and Medicaid services prevented more than $210 million in health care fraud in just 2 years of using the aforementioned technology.

In addition to preventing fraud, small businesses can also reduce their costs by avoiding creating more inventory than necessary, including better supply chain partners, etc.

• Improved decision making

This is the biggest benefit of big data. It enables companies to speed up decision making by processing data quickly and delivering information in a timely manner. In the past, business decisions were reserved for future strategies in light of the available data and the trends observed in it. The amount of data that businesses rely on today is enormous, and therefore more powerful insights can be gained from it.

This large amount of data requires the use of modern big data hardware technologies. Once both are in place for a company, they can better understand customers, create products that are a closer reflection of what customers want, and build a brand based on the most revered values.

• Impenetrable Security

Businesses today are more focused on using large amounts of data to improve their core capabilities, but pay less attention to more serious concerns, namely cyber threats and security breaches. Almost all small, medium and large companies are connected to the Internet today. In addition, the Internet of Things has expanded the attackable security surface for enterprises, making it easier for cybercriminals to attack networks and penetrate enterprise databases.

The biggest concern for modern businesses is that they have to “respond” to cyberattacks that have already happened rather than being able to prevent them from happening. The use of big data and big data analytics tools can be a game changer in this area, allowing companies to prevent any security attack long before it is executed.

Key Technologies Helping Businesses Make the Most of Big Data

As a small business, you’ll need to become familiar with various technologies that help you store, analyze, and take action on big data. Here are some important ones:

• Hadoop

It is a framework that supports the storage of large amounts of data using an open source approach. Once the data is stored, Hadoop enables the use of a variety of applications using “clustered hardware” at its core. Due to the basic hardware pool, it becomes possible and easy for companies to process big data despite its increasing volume.

• Data processing

This is the technology that enables business owners to capture big data information, patterns, and trends that cannot otherwise be obtained with a traditional approach. Data mining is what allows you to jump into a vast sea of ​​structured and unstructured data, make sense of it all, and produce analytical insights that help businesses with future, real-time decisions.

• Predictive analysis

Predictive analytics goes hand in hand with data mining. The artificial is at the heart of predictive analytics, allowing business owners to adjust their current strategies by providing predictions about what will happen for the business based on existing data.

• Text Analysis and Mining

A big concern for modern businesses is analyzing noise on various web platforms such as forums, blogs, social media, etc. to understand what customers expect from a particular brand. Gaining insights into brand mentions and understanding customer impressions of your brand can help you realign your marketing approach to earn customer loyalty. Text mining helps small and large businesses analyze text data from emails, blog posts, social media, etc. and listen to the “voice” of customers.

With the rise of smartphones, artificial intelligence and IoT (Internet of Things), it has become clearly visible that companies will now have to handle mountains and mountains of data and make use of big data processing and analysis technologies. to have a competitive advantage.