You would have an incredibly difficult time finding a small to mid-sized business owner who hasn’t heard some of the hype around the “big data” trend.
It seems to be in the media daily and lures the unsuspecting business owner or manager with its almost mystical sounding promise.
The reality, however, is that “big data” is way overrated for small and mid-sized businesses. In fact, it’s worse than overrated – it’s downright deceptive.
Useful For “The Other Guys”
Big data IS a useful tool for Fortune 1000 companies that have data on a true big data scale.
For everyone else, however, the emphasis needs to be on “small data”.
What Do I Mean?
What do I mean by “small data?”
Small data is the information that is currently inside your company that can be leveraged to show you some relatively easy changes that you can make to improve your business results.
Small data is a simple way to identify, unlock, and leverage the hidden financial potential in your business.
What is Small Data?
Small Data is the information that is created by your current operation from the perspective of your existing customers, your products and services, your activities, and your current business model.
Compare this to Big Data which is data that generally flows from “outside” your company. Big Data can be used to spot trends, identify opportunities, and pick up on threats. However, these things tend to be predictive within some pre-determined statistical tolerance.
Small Data can also be used to spot trends, identify opportunities, and alert you to threats. When you pick up on these things using Small Data, however, you are in the “heat of the action” and can impact your performance very quickly.
And Small Data can impact your performance very directly.
Do It Right And Challenge Yourself
A correct Small Data approach and process gives you concrete action steps with clarity of business outcomes that cannot be matched by Big Data efforts.
So challenge yourself to fight the Big Data trend and hype.
Spend your effort and resources with your Small Data.
You will end up realizing bigger financial and performance rewards. And you will see the results much more quickly than you ever could with a Big Data experiment.