Big Data is All the Rage, But Small Data is Surging into Relevance
Surely you’re intimately familiar with big data. How can you not be when it’s the biggest buzzword in not only IT, but arguably the world? It’s certainly worth getting to know, but how is your knowledge of small data? Believe it or not, small data doesn’t necessarily mean insignificant data. In fact, it is an emerging trend that very well may be as advantageous to practitioners as its bigger counterpart.
What is Small Data?
According to Techopedia, small data is merely a less complicated form of big data. Ideally, it requires less effort and can produce actionable results without using the complex tools frequently used in big data implementations. So rather than investing in powerful analytics systems and huge allotments of storage capacity, a business may take a more scaled down approach that sees them relying on existing resources and organic strategies to procure and extract the value of data. The objective is typically to deliver the results of big data without expending the extravagant budget to get them.
Small Data is Everywhere
Now that we understand how small data works in relation to its bigger brother, it’s clear to see that this type of data is all around us. Take social media, for example. From Facebook to Instagram, this channel generates scores of data that can be collected without spending tons of money on third-party analytics. Leveraging a mix of native tools like Facebook Insights and timely decision-making strategies, it’s possible to make a huge impact from the small data streaming through social media and abroad.
Vendors Taking Notice
How do you measure the pulse of a market or submarket on the rise? In many cases, all you have to do is look at vendor activity. Slowly but surely, vendors are positioning themselves to take advantage of the growing demand for small data solutions. GoodData, for instance, has a business intelligence platform that can techincally be grouped in this category. BI with GoodData constitutes small data in the sense that it makes collecting and using information simple, flexible, and affordable. The viability of this niche will ultimately be determined by how many other vendors jump on the bandwagon.
From Small Data to Big Data
Some of the biggest technologies, companies, and concepts started out small. Play your cards right, and there is a great chance that your small data infrastructure will eventually bloom into big data. Chances are, however, you won’t need an expensive software system and crack staff of data scientists to get there. Combined with smart investments in technology, sound use of existing resources, social media, and other channels can help your organization do big things with its data-driven initiative without breaking the bank and straining company resources.
by Big Data Companies