That isn’t the case any more.
With the advances in technology that are happening every day, businesses of all sizes now have access to Big Data.
If you have ever heard the term Big Data and thought to yourself that my business just isn’t big enough for big data, then you were wrong.
If you haven’t yet heard of Big Data, it is all the data that is being collected, maintained and reported on in the huge databases kept by governments and big international companies around the world. Amazon, Apple, IBM, all the banks and financial institutions, basically every name that you have ever heard of is collecting data on anything and everything they can think of.
Big data is now accessible to all business, and you can take advantage of it too in your small businesses.
I have a brief report that I’ve written on Big Data for Your Small Business. You can find here. In the report you will find out why I actually like to call it Small Data instead.
Big Data will allow you, even facilitate your business moving from being intuition driven, using your gut feel, which will lie to you over to being an analytics driven company.
Those analytics will give you the real story about what is actually going on and if you listen to it and really pay attention and act upon the information, then you can take advantage of Big Data just like they do in the corporate world, only better.
Big Data For Your Small Business
Small business has the ability to really take advantage of that Big Data in a way that the corporate world can’t because small business by its nature is nimble and quick and can turn on a dime of that is what the data is telling you to do. No big committees and no decisions for weeks or months, you have the ability and power to blow past all the supposed efficiencies of size and synergies that the big guys like to talk about.
The key to Big Data, especially for small businesses is 3 fold.
First it is the collection of the data, and having a plan of which data you are going to collect.
Second is about reporting on that data. You need to design reports that are going to provide you with meaningful analytics about what is going on in your business and what things you specifically care about.
And third is the analysis of the data and taking action to make changes. All that data doesn’t do you any good if you aren’t going to use it.
If you are interested in a few more details, you can check out this great article on Entrepreneur.com – How Small Businesses Can Embrace Big Data