We Ignore the Over-Hyped Big Data Trend
We know that for most small and mid-sized businesses, “big data” is a big empty promise.
Small data, however, is incredibly powerful when it is properly harnessed. It can create insights that serve as key factors in your decision-making. The challenge is that many companies don’t have an effective strategy to leverage their small data, and it is often overlooked in favor of “the next bright shiny thing.”
Small data is found in several different systems (i.e. your accounting system, your CRM system, operational / scheduling systems, spreadsheets, and a few other places). Because of this, small data is fractured, in various formats, and often “hidden” from the overall perspective of the company.
The advantages of small data are:
- Help Management Focus In On Key Targets – As opposed to “big data” (which attempts to glean longer-term trends and meta-trends from massive datasets) small data drills down to uncover specific actions that lead to improved results.
- Actionable – Small data focuses on providing insight and information to help you make quick strategic and organizational changes and decisions. It it problem-oriented and highly focused on helping you make decisions based on what is happening right now in your company.
- It Shows A Path To Maximizing Your Business Resources Right Now – Small data provides a focused view of how your current business resources are being used to create your current business results. By taking this granular view it provides a great foundation for rooting out areas where your business performance can be improved with your existing resources.real-time information that allows you to spot trends immediately and act accordingly.