Data, data, data. If you have done some business over the past 10 years, you know that it has been the main topic of discussion and value creation for Fortune 500 companies, start-ups and SMEs. Wired called it the “new oil of the 21st century” in 2014. U.S. presidential candidates use it to gain elections. Analyzing large amounts of data, i.e. Big Data, is now the speciality of a lot of start-ups and tech giants. At MyDataModels, we have decided not to focus on Big Data but on Small Data for business. Indeed, it is already changing the way we make decisions, work and run businesses. Small Data for business also accounts for 80% of the total amount of data worldwide.
But first let’s start by defining Small Data, shall we?
Big Data supposes terabytes or even petabytes of data stored in clouds with a need to automate its analysis to get outcomes. Meanwhile, Small Data focuses on data that is understandable, accessible and quickly actionable by business experts with no specific data training. Moreover, Small Data sets focus on one specific business topic such as a sales report or a medical analysis.
You probably use Small Data without realizing it is in your everyday work life when you work on any Excel or CSV reports. In other words, when you’re working on a 300-row, 15-column Excel spreadsheet to analyze the latest reports from your Operational & Business team and find some recurring patterns and insights, you’re doing a Small Data Analysis!
Big Data relies on data specialists and huge computing infrastructures. Meanwhile, actual business experts work everyday on their Small Data sets on their computers.
A classic comparison is that Big Data is treated by machines while humans work on Small Data. The analogy is partially true as human intervention is mandatory to Big Data projects. But the particularity of Small Data projects is that they are much closer to the business experts’ everyday work.
A marketing manager analyzing its customer surveys. A R&D expert testing different chemical combinations and doses. A Supply Chain manager who needs to hire temp workers according to its warehouse demand. These use cases sound familiar? All of these rely on Small Data analyses, no matter the size of their companies.
Bringing innovant Artificial Intelligence and Machine Learning techniques to Small Data analysis and making them available for every regular business professional will revolutionize the way we work. For data-driven companies, Small Data is the perfect fit to enable value creation by empowering them with easy-to-understand actionable insights to guide their decision-making.
As MyDataModels’ motto says: Small Data, Big Impact! Discover our Decision Intelligence platforms to improve your business using your own Small Data!
Stay tuned for our next articles about Small Data and our ecosystem!