Bet you’ve heard this one before: “Big Data is great for massive businesses like Amazon and Google, but it can’t help you unless you are online and huuuge.” Well, friends, that’s just flat out false. While it is true that major corporations such as Amazon and Google (and countless others) use big data on a daily basis to help their business reach their clients, deliver better results, and more in-tune, real-time customer service. It is categorically UN-true that small and medium-sized businesses cannot benefit from big data.
Caveat, yes, bigger companies can get bigger benefits from Big Data. Simply because they generate more data and have greater resources with and through which to process and allocate that data. Amazon, for example, with nearly 300 million users in 185 countries commands massive potential from big data. Google even more so. With 12 trillion monthly searches and a domination of the search market at a whole – close to 90 percent market share – Google has incredible resources to monetize big data.
That said, Big Data is not a delineator. It’s more of a leveler. Because data collection and storage are becoming increasingly less expensive, even companies with a limited IT budget can store, catalog and enjoy the benefits of Big Data.
The key to unlocking this potential is scalability. Cost savings are not limited only to lessening data collection and storage costs. Companies can often save even more by outsourcing their data collection, storage, and analytic efforts. Businesses from recruiting companies to restaurants can find and use Big Data to better their bottom line.
Another scalable benefit of Big Data? Better learning outcomes. Thanks to Big Data, businesses of all sizes can become better, leaner and more profitable. They can “learn” from every transaction, every bit of data collected, becoming better in individual tasks as well as across the board. They can then apply what they have learned to their next project while continuing the analyzing and application protocols each time they repeat the process, consistently growing better, faster and more profitable.
Using these systems, Big Data can become increasingly more competitive in the market, making the studious use of Big Data very attractive both to managers and investors. In a survey conducted by CSC Global CIO over the past year, 590 executives with tech-related business responsibilities were asked their feeling about Big Data. The respondents come from 23 countries across five continents in both the public and private sector. Their responses were dynamic.
Two-thirds of all executives surveyed said they are investing heavily in Big Data. Three-quarters of the CIOs surveyed said Big Data “positively impacted” their company’s productivity and overall efficiency. Nearly 70 percent of survey respondents said Big Data is either “critical” or “high priority” to their success, and 70 percent said their previous investments in Big Data have positively impacted their company innovation.
So, more success, better productivity, increased innovation and a bigger bottom line – all honest responses to the impact of Big Data on business. Again, these advantages are not only for big business. Scale your Big Data investment and resources allocation based on your business size and, no matter what, you will see great results.
Roman Temkin is a real estate developer from NYC.