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No, Big Data is not for Big Businesses Alone

No, Big Data is not for Big Businesses Alone

10/20/2013 8:36 am0 comments

Who on earth can keep track of data in terabytes, Petabytes and Exabytes etc.? These terms may sound strange, but that is the amount of data business have been dealing with off late, which prompts us to believe that we have entered the age of Big Data. It’s important to business both big and small to understand big data because big data isn’t only confined to big businesses.

It has become vital for organizations to understand that Big Data is not only limited to large organizations alone. Small and medium size enterprises don’t need to feel intimidated by the challenges that lie ahead of them in terms of data. So, they need to be versed with ways to handle Big Data judiciously for their advantage.

Importance of Big Data

Big Data is not for Businesses AloneThe data sets that organizations, both big and small create (even if they are not global players) are majorly large. This is why companies of any possible size need to start unlocking their value and need to work on Big Data irrespective of the industry.

There is an influx of large amount of data because of so many available platforms. The problem with so much data isn’t its size, but the issue as to how organizations should analyze and manage so much data to facilitate reductions in cost, time, and make smarter decisions. Since with proper analytics of Big Data, organizations can:

  1. Figure out who their potential customers are, and which ones really mater the most
  2. Organizations considering potential consumer base can analyze the stock and determine prices to maximize profits
  3. Analyzing the Big Data, organizations can calculate risk in seconds and can easily figure out the root cause for all failures or issue that can arise and lead to losses.

We believe straight up that everybody can gain (in some way or the other) from Big Data. But when it comes to businesses, they need to look to see if they can meet the following standards before embarking on the journey of Big Data.

Expertise

Dealing with Big Data requires industry knowledge across most sectors; it also requires deep technical and analytical skills. So, you as an organization need to understand if you have the in-house expertise to deliver? The task will be to look up data from many different possible sources and them piecing them together to gain knowledge about customer base etc.

Understanding and finances

As an organization, you need to recognize if you have a deep enough understanding of how Big Data can work in favor. You need to be sure if you have enough finances to handle it. If for a moment the answer is in the negative, then it is better to rethink your businesses Big Data strategy.

Technologies

There are certain technologies that can help all kinds of organizations to make the most of Big Data analysis some of these include:

  • Faster processors
  • Large storage space and equipment
  • Cloud computing

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