Why Small Businesses Can No Longer Ignore Big Data
Introduced almost 20 years ago, “Big Data” initially described harnessing information from disparate systems and situating it in one place for analysis. Today, the global Big Data and Analytics market is worth $274 billion (https://explodingtopics.com/blog/big-data-stats).
Big Data has assumed increasing prevalence, importance, and sophistication, yet small companies have largely ignored it.
How has Big Data become much more important to you if you’re running a small company?
- The right kinds of structured and unstructured data are your business’s lifeblood. In our super-connected world, not all customer data comes from your ERP system. It comes from unstructured data, like Tweets and other social media posts.
- The rapid growth of social media platforms across the globe has added vast amounts of valuable data in the form of videos, posts, likes, dislikes, and comments. Recent analysis from Kepios shows that there are 4.74 billion social media users worldwide in October 2022 (https://openr.co/66-of-american-adults-use-social-media-up-from-7-in-2005/). Consider the demand for your product generated by one positive Tweet or YouTube review. Or how a critical post from an influencer or high-level social media user with thousands of followers can negatively impact your product or company.
- Data has largely migrated to the cloud. Disparate systems can seamlessly exchange what we refer to as structured data. And while these systems still need to improve at aggregating their respective data pools to ensure better analytics and decision-making, they will be, especially when you layer in artificial intelligence (AI) and machine learning (ML) technology for competitive advantage.
- Many apps now constantly collect and store valuable data for planning purposes. For example, are you deploying an app but still need to determine how to combine the data with your traditional ERP information? Time to learn more about it!
All the structured and unstructured data in the world, coupled with events like pandemics, tsunamis, nuclear meltdowns, and even war, can, directly and indirectly, disrupt supply chains, including critical business functions like determining points of manufacture and distribution as well as levels of inventory. The good news is that harnessing all available data with supply chain optimization software and relevant expertise can mitigate risk for your company.
Small businesses can no longer ignore big data. They must not only capture the data but also do something with it to gain value and mitigate risk. Once the data is captured from disparate systems, it must be cleaned to ensure accuracy, then mined for deeper insights. Using the BrillDog supply chain management system eliminates using multiple systems to manage the supply chain – so all your data is in one place. Contact BrillDog today to see how to make your data more valuable. Visit http://www.brilldog.com.
