Travis Goleman

The most important definition is data analysis is the procedure in which data is transferred, modeled, cleared and checked by business and the ultimate goal is to use in decision making procedure.

Chapter 1: Big Data for Small Businesses

The truth is, to employ data analytics; there is no need for complex systems that are resource hogs.

Small business may employ big data, as the most important components are based on developing human resources: how skillful the data analysts are, how much attention to detail they are, and how well-organized they are.

Any company that has the capability to gather relevant data and analyze it critically will be able to create and seize new opportunities

If a small business increases their net revenue by 30% through new techniques, but their costs have gone up by 35%, the net profit decreases, and the innovations introduced will have turned out to be detrimental.

However, it will spell doom for a business if they do not innovate, while their competitors adapt new techniques and technologies.

This is what happened when big data was first introduced. The software solutions marketed to businesses were based on the advantages of an economy of scale. Small businesses have problems with creating economies of scale, however, as they often struggle to build base capacity to begin with.

This leads many to think that big data isn’t for them, especially as many of the existing software solutions require a large capital outlay in order to properly operate.

However, innovators have developed data solutions that are viable for small companies as well.