How to Survive as a Small Company in the Age of Big Data
The profitability of every thriving business is reflected in the value of their data. However, due to the rapid technology development that brought the age of big data, effective use of data has become a crucial matter.
The industry has always used insights to make smarter, real-time, and better business decisions. This in-depth knowledge led to the changes we know today, such as including big data every step of the way, both from within and outside the company, including online data, machine data, structured and unstructured data.
As the big data influences the very foundation of any business, one question arises – how can small businesses adapt and survive? At the moment, it is considered that only companies who invest in data processing services can fill the performance gap that is inevitable, considering that relevant data continues to grow on a daily basis. So, here are a few options for big data survivors.
Free Online Sources
There are plenty of free big data analytic tools online, starting with the most obvious choice such as Google Analytics. Nevertheless, to actually obtain valuable information before crunching the numbers, business startups and smaller organizations can find real-time essential info at multiple portals. For example, the U.S government offers open data sources containing everything one can possibly want to know.
Also, organizations can easily discover their customers’ preferences via the Facebook Graph or the Amazon Web Services public data sets. Likewise, Google Finance provides the stock market worth for the last 40 years, whereas Google Trends shows the total portion of searches for any typed term.
It always pays off to invest in big data sources, but sometimes those large big data enterprises can be too expensive and more than a small-sized unit can afford. Nevertheless, there is one option to capture large amounts of data for an affordable price. That’s right; cloud computing can save the budget and provide the necessary information. Simply look for an integrated solution and collect valuable data, all in one place.
No matter how small the business is, it’s beneficial, and kind of a requirement, to invest in IT talent for performing these analytics if the goal is the long-term success. Whether you take advantage of the freelancing pool of affordable expertise knowledge or hire someone for a permanent position, it is an investment that can take your business operation to another level. Of course, employee training will also be required. Hence, begin with the search for an adequate candidate.
There should be no concerns about small-sized businesses and the world of big data because that information is precisely the reason why we have so many free and affordable solutions to prosper. The only thing that matters and guarantees business success is a well-implemented strategy which includes gaining data insights and implementing all available tools to crunch the power for gaining in-depth knowledge of the market and, therefore, elevate the company’s performance and value.