Published On: December 13, 2016
Corporations and small businesses have one thing in common: They both thrive on information to survive. The future of big data is a confusing one, but it’s certainly possible to pin down its greater benefits. Already, market leaders are using big data, big data analytics and information-driven solutions to shape the industries around us.
Whether you’re a small business owner, an entrepreneur or an industry entrant—big data affects you. It’ll also affect you in the future, though its future is yet to be determined. We do know a few things, though, and feel we should share them with:
Real-Time Data Use is Coming
For some, it’s already here. In the near future, programs like Spark and Kafka will be created for small and medium business owners. Experts believe the rise and success of widespread real-time steaming “insights,” which will help data users run entire businesses upon analytics.
Big Data will be Used for Fraud Prevention
As big data becomes quicker, increasingly sophisticated rules will emerge to leverage data sets with return results. In layman’s terms: Big data’s use will be protected by intricate—and quick-acting—systems. Likely, we’ll see the emergence of rule-based decisions. These decisions will be used to make purchases, secure payments and prevent fraud.
You’ll Need a Chief Data Officer
Even if you’re not a multi-national business firm, you’ll need someone to run a rapidly expanding big data culture. While not relevant now, generational differences are expected to play a role in big data’s potential success in the future. CDOs will be responsible with in-house scaling, innovative tools and the evolution of the business’s culture.
Businesses May Offer Data as a Service
Data can be monetized. Forrester predicts businesses will begin monetizing their data, and the trend won’t be exclusive to corporate powerhouses, either. Because big data is expected to be widespread, it won’t be unrealistic for small and medium-sized businesses to gather, arrange and sell data-based solutions to customers seeking services and solutions.
You’ll Have More Time
Machine learning, soon to be powered by big data, will replace manual data work. Even in the small business world, data strategies are expected to power everyday solutions. If a solution can be accelerated by data, new projects will likely emerge in the boom.
The world of big data is, well, big, and it’s expanding to the local level. As digital marketing in and around the Franklin, Brentwood and Nashville area continues grows, more data-related solutions will emerge. The big data revolution is slow, but it’s picking up steam in the small business world. For now, business owners are using big data for research insights, solution planning and annual forecasting. If the Internet is any proof, however, regularly inaccessible resources often become accessible to everyone.
Big data will reach your industry in due time, but a lot of its professionals will be unprepared. It isn’t enough to see big data on the small business’s horizon. You’ll need to take advantage of it, study it and use it. Big data might not be instantly accessible now, but you can certainly plan for it.
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