Big Data For Small Business For Dummies

Introduction

Almost everything we do now leaves a digital trace. If you bought this book online, you left a trail of digital crumbs in your wake, from browsing the online retailer’s website, to the transaction itself. Even if you walked into a physical bookstore and paid with cash, there’s still likely to be a digital trail of your activities, including CCTV (closed-circuit television) footage and location data from your own phone.

These digital traces can be summed up in one phrase: big data. Big data refers to the ability to collect and analyse the vast amounts of data now being generated in the world. This ability to harness the ever-expanding amounts of data is completely transforming our ability to understand the world and everything within it – from healthcare and science to how entire cities and countries are run. And, of course, it’s transforming the way we do business.

Some business owners and managers dismiss big data as being only for big-budget corporations. I think this is a huge mistake. Of course it’s true that some companies have eye-watering budgets for big data analytics, but most simply don’t. In fact, I work with plenty of small- and medium-sized businesses that successfully harness the power of data without spending a fortune.

The key is to start with a clear strategy. This allows you to focus solely on the data that’s right for you – the data that will help you achieve your long-term business goals. Having a clear strategy helps you cut through the hype ...