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Big Data Just for the Big Fishes?

By SiliconIndia   |   Thursday, 10 January 2013, 11:42 Hrs
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Bangalore: What is really ironic about the present is that there is so much data, but so little actionable information mined from it. This is the irony of the so called “Information age” states Seshu Edala, who is a data scientist at in a write-up posted on Forbes. He furthers that companies can either be overwhelmed by the data or they can make use of technology to aid growth.

Marketing is being revolutionized and industries are steadily transforming due to the ability to access and analyze several sources and types of data (both structured and unstructured) including social media exchanges, online transactions and market data.

Earlier Big Data was largely limited to the Big Fish; large businesses that have large data centres, that can pump in huge quantity of money and recruit many individuals to deal with Big data. Leveraging big data gives a competitive advantage; one can respond quickly to changing market scenario and make data driven decisions. Marketing departments are using big data to accurately target the right customers. However, small businesses with a small budget and a smaller workforce are not able to benefit from the benefits offered by analytics.

This need of small businesses is being realized by innovators in the tech biz who are clamoring to provide cloud-based services that could provide effective analytical insights. Small businesses too can make use of the analytics to uncover vital patterns.

Take a look at what to keep in mind:
•    To unleash the true power of Big data, small businesses need to be fully involved in the digital universe. People are more careful buyers now; they look at the product description, comparisons and reviews before making a purchase. Having a strong online presence would be a good idea.
•    The website and social profiles must present correct information about the product or service to the customers and should also be able to understand the behavior of the customer.  
•    Besides establishing your presence in the digital world, analytics provides insights into who your customers are, what they like and what they need. Make sure that you use this customer intelligence.

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