Many large companies are establishing statistical data analysis using Big Data to capitalise on the potential they can extract, but small business owners may not realise they too can use Big Data to keep them in line with the big dogs.
According to Brendan Gulston of Livingbridge Equity Funds, writing for IT Pro Portal, small to medium-sized enterprises (SMEs) can apply detailed insights that can offer them a uniquely tailored approach to Big Data, as it it not just having the Big Data that counts, it’s being able to analyse it and use it.
A small business owner may have a better understanding of their company’s Big Data because they know their customers more intimately and the way the wider market is affecting their operations.
With this intimate knowledge of how their company operates. Small businesses can effectively utilise Big Data to improve efficiencies, build better customer service strategies and make better business decisions.
But how to build this Big Data? The advent of super-fast broadband and smartphones, leading to lower data and storage costs has led to the creation and demand for data to be consumed at huge levels, with most people leaving a digital footprint informed by their data usage, with social media being particularly influential.
Mr Gulston noted that analysing freely-given data and complying with new data laws means an insurance provider could tailor a policy for an individual based on traits that might indicate what type of a driver they are and how they are likely to use their vehicle.
Some businesses are already using Big Data to explore the possibility of customised healthcare. For example, researchers at Penn State are establishing a statistical data analysis taking into account genetics, lifestyle and other factors to study health.