Big data continues to reign supreme. There’s been an explosion in terms of the number of businesses that are talking about it, there’s even an online festival dedicated to it. But, there’s also a slightly fresher view coming to the fore about little data. Yes, it’s contradictory and confusing for businesses that are still struggling to grasp the concept of its bigger brother. Regardless of size (because, here, it really doesn’t matter), data is crucial to small and medium sized enterprises. But why? And how can it be used?
Big data is for big businesses, small data is for SMEs
Wrong. Data of any kind, however you phrase it, is important for businesses in order to generate useful (and actionable) insight into customers, processes, employees and competitors. Unfortunately, SMEs are all too often put off the latest IT trends because the importance and benefits are not made clear. And it’s the same with big and little data. Regardless of the label applied to trends, fast-growth SMEs should be thinking like big businesses and taking them seriously. Enterprises are stealing the limelight in the data debate, but there’s plenty of room for SMEs too.
Get one up on your competitors
Arguably, the only reason we do anything is to get ahead of the competition. We live in an increasingly competitive world where any kind of advantage can make a huge difference. Finding new ways to glean insight from data of all size (and structure); SMEs can make informed business decisions based on patterns and trends within the data pools just as well as any big business.
A great example of where using data can achieve real results is the retail space. Some of the larger retailers have been approaching data capture in a new way to better understand consumer behaviour. For example, installing video cameras on shop floors to monitor how long people stand in certain areas. Or placing cameras into the eyes of mannequins to see exactly what types of people are looking at them. A business of any size can do this, but having the ability to understand the data that’s produced as a result is the real clincher.
Of course, retail is just one example of an innovative sector where new technologies are providing data which needs to be analysed and understood. All you need to do now is decide what information could give you your competitive edge.
Adrian Simpson, chief innovation officer, SAP UKI
Are you an SME gaining insight from big data?