Big Data / Open Data
Big data is a term that describes large volumes of data – both structured and unstructured. Data is used on a day-to-day basis by businesses of all sizes. What’s not important is the amount of data but how it is analysed and used as meaningful information.
By analysing data, businesses can develop insights that lead to better decisions and strategic business moves.
Big Data is about examining the relationships from multiple sources, to link, match, cleanse and transform data across systems.
Why Is Big Data Important?
The importance of big data doesn’t revolve around the volume of data you have or collect, but how it is analysed.
Data from small businesses can come many sources such as Google Analytics, Ecommerce Platforms and marketing data. Meaningful information derived from data can help reduce costs, improve decision making and the time taken to make decisions, help develop new products or analyse markets
Some examples on how Big Data can help small businesses include:
- Determining root causes of failures, issues and defects in near-real time.
- Understand customers behaviour on your ecommerce website and improve efficiencies and sales by cross selling and upselling.
- Recalculate and develop risk scenarios very quickly