Thanks to modern technology, getting into big data is even easier. Big data is no longer reserved for only large businesses; smaller entities can, and arguably should, get in on the digital revolution and change the way they use data to drive their businesses.
In essence, big data refers to large quantities of data. There are the 3 Vs to big data that separates it from regular data sets: Volume, Variety, and Velocity. The sheer amount of data in these sets come from diverse sources and are run through advanced analytics that can allow for decisions to be made in real-time. Companies are using big data to accomplish numerous business-related tasks, from identifying patterns to leverage their marketing to determining root causes of failures.
In the past, getting into big data has been prohibitive for small businesses.
Fortunately, technological advances in recent years have helped to alleviate the transition. Google’s MapReduce paper and Yahoo’s Hadoop projects have paved the way to resolving the high costs associated with storage. User-generated data coming from sensors, mobile devices, and social media have become increasingly valuable in contrast to the insufficient data to which companies previously had immediate access. With all of these obstacles addressed, what is stopping small businesses from getting into big data? Below are three more reasons to consider.