While Big Data was at one time reserved for major companies with the resources to analyze and investigate customers' information, recently, small and medium-size businesses have also been able to benefit from Big Data. At the same time, convincing small businesses that these resources are both accessible and worth their time is another story, an article in Forbes explains.
"Small businesses shouldn't be scared off by big data," Steve King, a partner at Emergent Research, explained to the news source. "The growth of the internet, wireless networks, smartphones, social media, sensors and other digital technology is fueling a big data revolution. Big Data was the exclusive domain of statisticians and large corporations but not anymore."
King explained that this data allows businesses to look at and analyze information together, such as point of sale, staffing or supply data. Whereas at one time managers could look at sales or labor data, new tools have allowed these to be seen at once and help managers find cost-cutting trends, such as the connection between labor pay and performance, and what colors of an item sell best at certain times of the year. With this knowledge, businesses can provide customers with exactly what they are looking for, instead of playing a guessing game. This data also allows managers to see more information outside of their small business, find a cheaper or closer supplier and what competitor's are charging.
In all, Big Data allows small and large businesses to play on a level field. With data engine software, businesses can use Big Data to cut costs and better compete with other firms.