If you manage or work for a small business, you may have wondered how to compete in the big data infrastructure or the solution that your import from a service provider and how can you compete against the big corporations who are collecting data in much larger volumes and therefore can make better decisions!
When it comes to data, quality trumps quantity. Companies fail to gain useful insights when they don’t find relevant information rather than the size of the samples that are collected to derive the conclusions.
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Hence, finding the right data is essential for success. The best place to start when gathering your data is at the end. That means looking at what you hope to accomplish and then start working backwards. Having your ultimate business objectives in mind will help you understand what type of information to look for.
Right after considering the end goal comes asking the right questions. After determining your objectives, you need to introspect on what you need to do in order to accomplish that goal
Analyzing data is more like business dating during an interview. You need to ask a series of questions before you can decide whether the person is adequate for you to hire.
Another big obstacle hindering most small businesses and their data needs is the lack of efficient tools. Small businesses don’t often have the budgets to hire the best data scientists or analysts. As a result, they often don’t know which programs to invest in, or even how to use them. While consulting third-party firms can help with this IT gap, you’ll definitely want to invest in a less complicated service that your employees can learn to use. One example is Hadoop Hive, which is a service interface for big data analytics that offers a SQL-on-Hadoop solution. It’s designed for both professionals and data consumers, making it an ideal solution for smaller businesses.
You don’t need piles and piles of information. Sure, you can bet on statistics in the sense that the more of something you have, the more likely you are to find something relevant, but you don’t need to. Applying the right tools to the right data will significantly improve your ability to find key insights and further your business initiatives.
Source: Grand View Research