Is there any way smaller companies can benefit from big data?

By Tricia K., Finance Professional helping you accomplish strategic initiatives with value added information - Tuesday, December 11, 2012

I was speaking to a someone at a conference this morning who runs a small regional quarterly magazine for marketing executives. I mentioned big data to her. She is wondering if smaller companies could benefit or access the analytics of big data, even though they do not have their own big data sources. Any insights?? Tricia

Comments

I'm always a fan of IRI or AC Nielsen depending on what is being looked for. Yes, these pay services can be pricy and the costs and benefits should be weighed before signing up.

By Jeavonna C., Management Analyst / Corporate Planning / Financial Analyst / Financial Planning & Analysis (FP&A) / Change Management - Tuesday, January 08, 2013

Jeavonna, Thank you for the comment. Where would these services acquire their data? Would it be industry wide or just related to the small company only? What sorts of data could a small company acquire?

By Tricia K., Finance Professional helping you accomplish strategic initiatives with value added information - Tuesday, January 08, 2013

I just ran across this little blurb. It looks like my great mind is thinking like someone elses :-).

http://accounting.smartpros.com/standard/ima/IMA_0113a.html?hq_e=el&hq_m=1449834&hq_l=11&hq_v=5ff07ee939

By Tricia K., Finance Professional helping you accomplish strategic initiatives with value added information - Tuesday, January 08, 2013

The source of data depends on the industry. I used this information while working in the beverage industry. Both companies scanned weekly ad flyers and purchased scanned sales data from grocery stores. They also sent employees to selected geographical locations to review ad space, shelf space, price, etc. You may have heard of the Nielsen ratings which are apart of AC Nielsen and are collected via TV transmitters and self-reported viewing by select groups. "Select groups" here means large enough to make reasonable assumptions about a geographical area.

By Jeavonna C., Management Analyst / Corporate Planning / Financial Analyst / Financial Planning & Analysis (FP&A) / Change Management - Tuesday, January 08, 2013

LOL...I get this question once a day..."cloud" would be my short answer. BDaaS? OMG...(another) new term!

By Bennet B., Cloud, Mobile/Telcom & Related VAS Executive; CMO Huawei - Wednesday, January 09, 2013

I like that term!

By Tricia K., Finance Professional helping you accomplish strategic initiatives with value added information - Wednesday, January 09, 2013

Hi Tricia, Consider SAS’ simple definition for big data: When volume, velocity and variety of data exceed an organization’s storage or compute capacity for accurate and timely decision making. Every organization (even SMB) – regardless of size – will eventually reach a tipping point where they will have to address the volume, variety and velocity of their data. More importantly, SMB organizations has an opportunity to use big data to its advantage – to drive accurate and timely decisions that can materially affect its business goals. When you tackle big data with analytics, you quickly realize that big data presents an opportunity for every organization. Big data is not just for multinationals. And it’s definitely not one-size-fits-all. Hope this helps!

By Crystal S., Marketing Contact Center Specialist at SAS - Wednesday, January 09, 2013

Crystal, Thanks for the comment. However, what if the SMB doesn't have its own big data source, like a start-up? Or, what if it is a new product launch and the company doesn't have its own historical data related to that market?

By Tricia K., Finance Professional helping you accomplish strategic initiatives with value added information - Wednesday, January 09, 2013

Hi Tricia, Our customers routinely combine in-house data with third-party data (e.g. demographic) for analytics purposes. In the case you mention, the SMB company will have to rely on third party data providers/aggregators – like Nielsen – and the same logic (e.g. does the SMB company have the capacity to integrate and analyze the volume and variety of data furnished) would apply. Depending on the problem they are trying to solve or if they're trying to execute a product launch, getting the data might not be difficult, but the SMB company will need some expertise to integrate and analyze the data and quickly make use of insights.

By Crystal S., Marketing Contact Center Specialist at SAS - Friday, January 11, 2013

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