SMALL DATA: A NEW DATA REVOLUTION?
Introducing Small Data
The Small Data Group has given the following explanation of small as- “Small data connects people with timely, meaningful insights (derived from Big Data and/or “local” sources), organized and packaged – often visually – to be accessible, understandable, and actionable for everyday tasks”. This definition is applicable for the data that we hold today as well as the apps on the end-user part and analyst benches, which turn the accumulated Big Data sets into a small actionable data.
Small data is a subjective measure and can be defined as the data-sets that are small enough in terms of volume and the format to make them accessible, informative, actionable and comprehensive by the people without using the complex set of systems and machine for carrying out analysis. Small businesses focus on the use of small data for generating actionable insights to their customers before the maturity of big data applications for a more prescriptive and predictive type of analysis.
Difference Between Small Data and Big Data
The small data is entirely a contrast of the Big Data. Big Data is usually a combination of structured and unstructured data and can be measured in large data units such as petabytes or exabytes. On the contrary, small data comprises of usable chunks. The idea of small data comes from businesses that can get actionable results without the acquaintance of the systems used for analytics in Big Data.
The key differences between Small and Big Data include the following-
Why Use Small Data
Small data can be used because of the following major reasons-
i. Big Data is Hard:
In today’s time, most of the marketers and online strategists don’t need Big Data in order to target their campaigns or delivering personalized experiences
ii. Small Data Surrounds Us:
The social channels that surround us are full of small data and is ready to be collected for informing regarding the marketing and buyer decisions
iii. Small Data as Core of New CRM:
The social CRM is being used to create a complete image of the customers, the segment they cater, influencers as well as the competition. This is needed to combine the insights gained from the social channels and campaigns with the Web Analytics and transactional data. The small data holds the key for building rich profiles, that will be the core of newer CRM solutions
iv. Data-driven Marketing is Future:
The data whether- small or big is being data-driven and has the potential for revolutionizing the way businesses have been interacting with its customers, transforming the access and consumption of its customer’s useful data and finally redefining the relationship existing between the buyers and sellers
v. It’s All About the End User:
Small data is more of the end-user, what are their needs and how can the relevant action be taken. By focusing on the users first, a major portion of technical decisions can become clear with time and again
US Data Analytics Market (by Market Share)
(Source: Apps Run The World)
Business Verticals Using Small Data
The final goal for any data analysis lies in getting timely insights for supporting the decision-making process. The categorization of data into Small or Big helps in tackling challenges by analysis of data in each segment by the use of proper tools. The line of difference between these data is the emergence of advanced data processing systems that makes the querying in Big Data much faster with lesser complexity.
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