There will be 50 times more data in 2020 than what was in 2011. The U.S. Library of Congress alone has collected 235 Terabytes of data in April 2011. The volume of data is growing like never before which is why data is a hugely valued asset in this connected world. All multinationals, small and medium industries (SMEs) are trying to find ways to harness the potential of data. Understanding Big Data fortunately doesn’t require a four-year degree. The operations on Big Data technologies are fundamentally changing the way how enterprises are executing their goals. SMEs have been reluctant in their adoptions of Big Data technologies.
It is forecasted that there will be a 43% CAGR in Big Data deployment by the SMEs by 2018. This is good news which essentially means that SMEs will increasingly continue to depend on Big Data and business analytics. If an enterprise can find out the key performance indicators and some optimal metrics from Big Data then it is quite sufficient for data analysis. If you have that you can connect it to any of the BI tool like Tableau which will generate output. The output consists of the most revealing insights of your clients’ behavior and inclinations.
What Big Data Technologies offers for SMEs?
Large businesses usually are blessed with huge infrastructure and operational capabilities. SMEs therefore have to prove themselves to put up with these large enterprises. The capabilities of large enterprises are very good in garnering actionable insights from Big Data. SMEs however are held back in this regard because they can’t scale well, require huge storage requirements, obviously need capital to sustain their operations, and are vulnerable to security issues. But inspite of these constraints investment in Big Data has its benefits. SMEs can manage campaigns, comprehend price fluctuations, analyze markets, rapidly decide on key issues and many such benefits. SMEs centered on sales and marketing can use Big Data in customer profiling. They can improve product designs, include additional features and come up with new product by deeply understanding the customer behavior.
Why SMEs find it difficult to bet on Big Data Technologies?
Return on investment plays a big role when SMEs consider establishing in-house Big Data processing capability. As SMEs are quite often short on capital they often go for mediocre IT infrastructure instead of relatively expensive Big Data infrastructure and therefore compromise on efficiency. Even when they do have sufficient funds they get confused by the plethora of choices in Big Data technologies and need help in this regard. Open source tools like Hadoop, Storm, Spark and many others are a boon to SMEs. Hadoop is known to process humongous structured and unstructured data and its HDFS component is good for storage. Spark is a distributed computing tool that is way faster than Hadoop but it doesn’t have a storage facility. It can therefore be used on top of HDFS. Storm can used with Hadoop or without it. It is key in processing large data streams which is useful in real-time processing applications.
Implementation of Big Data Technologies
Big Data is not a magic wand that as soon as it is used it will make wonders for the enterprise. Efficient use of Big Data will lead to good results no doubt but not every implementation of Big Data means success. There are some factors which SMEs have to consider to successfully implementBig Data technologies:
1) For insights from multiple data sources an integrated reporting platform is good to use.
2) You should use pre-built library of dashboards and best practice reports
3) With managed services SMEs ought to migrate to cloud with BI as a service model
4) To better use process, people and technology; SMEs ought to team up with each other
5) Strong management and self-service capabilities should be built into the processes
Some small businesses who made it big with Big Data
1) Using Tableau, Powerhouse Factories makes their clientele aware as to how their messages on Facebook were affecting their customer engagement and sales.
2) Farmstead Table is another company which has made name by serving tasty food based on the farm-to-table idea. It uses Big Data by using Swipley to track anniversaries, deal with credit card payments, know favorite meals, track birthdays. It is therefore able to serve right food to right customers and sustain high rate of repeat customers.
3) Twiddy and Co manages vacation rental properties in North Carolina, United States. They used SAS analytics solution to better allocate resources and efficiently manage budgets. They enhanced their system by avoiding error-related financial losses by 15%.
The Big Data analytics market is set to touch $2.3 billion mark in 2017-18 as per NASSCOM report. This is the perfect opportunity for SMEs to restructure their infrastructure and tech knowledge. In this process SMEs can derive huge benefits from Big Data technologies. Affordable and real-time cloud services help SMEs to make use of Big Data to their advantage. There are numerous instances where some SMEs have outperformed their competitors all thanks to Big Data. This is the time when there is huge opportunity which Big Data offers which the small and medium enterprises can optimally make use of.
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