One of the biggest tech buzzword from 2014 was big data. There was no IT conference or IT consultant not talking about the benefits of big data. But what exactly is “big data”?
This term is used to describe a large amount of organized or unorganized data so overwhelmingly large that it is not possible to process using traditional ways. Examples of big data can be found in the health care and finance industries.
While it may appear that large amounts of data can only take place in large enterprises, the reality is that some small businesses are also capable of producing large amounts of records on a monthly, weekly, or even daily basis. For such small businesses, having access to tools to process that data would be a great way to improve their operations.
On the other hand, some small businesses may not generate big data. This doesn’t mean that those small businesses can’t leverage publicly available big data to gain an edge in their markets. For example, Google Maps is an amazing tool that can be leveraged efficiently by small businesses in the real estate, construction, architecture, and engineering fields.
In the following infographic, UAB Collat School of Business provides specific ways in which big data benefits small businesses.