Video- Tech visionary’s insights on how Big Data analytics benefit small businesses.

Up until recently small businesses have been excluded from Big Data analytics. Advances in technology, pervasive of sensors and affordable applications have changed the landscape. Sensors have grown in numbers and capability. As a result small businesses can now capture valuable information to drive productivity.

In this episode of Irving Wladawsky-Berger’s innovation video series he shares his insights on the impact and benefits of Big Data analytics on small business.

Episode #4

Highlights of Irving Wladawsky-Berger’s Big Data analytics video

There is much talk of Big Data analytics as a new opportunity for small business advances. What exactly is Big Data?

• • Big Data allows us to capture and extract insights from available information out there now.

• • It provides a better idea of what’s going on.

• • What customers want.

• • How is the economy performing.

• • How am I doing as a business relative to competitors?

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Why is Big Data so important now?

• • Over the last 5 or 10 years mobile devices, sensors, the Internet, social media have captured information and the technologies to extract and review the data are much more affordable.

• • All people and business stand to benefit with this knowledge.

What do you think about the tools to advance and decimate data?

• • Small businesses can now access Big Data through Cloud sources.

• • Cloud providers offer analytics and review of the data as a marketing benefit to use their services.

• • They offer marketing research and competitive analysis.

• • They require no investment in computers or skills.

What sort of training is required for small business owners and their C Level Execs to take advantage of Big Data?

• • Universities now offer data sciences and engineering degrees.  They create the mathematical algorithms for data.

• • A small business owner now has the capability to understand which are the right apps and services to leverage to analyze the data.

• • An example of an algorithm is a search engine. When people use a search engine they are accessing Big Data application.

• • There is more access and support for small business to access sophisticated services.