So…What is Big Data for Small Business?
According to Google, The definition of Big Data is:
“extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.”
SAS has a very similar definition:
“Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves. ”
Basically, Big Data is a resource that uses massive quantities of information to help you analyze and strategize within your business. Big Data uses historical information about your company to help you predict the future, essentially. It compiles years of sales and customer information to give you a prediction of your sales in the future. Want to know the best time of day to e-mail your customer base to get the most opens? How many people to staff on Veterans Day? Or the day after Fourth of July? Big Data can help! However, there are some downsides to Big Data. For example, Big Data can only make predictions based on historical data, which can make it inherently biased.
Want to know more?
Here are some great articles on Big Data for Small Business: