Although the big data phenomenon is usually associated with large firms, analyzing information can also be extremely useful for small businesses and consumers. By evaluating their surrounding landscape, corporate executives and private residents can make more informed decisions about multiple aspects of their daily lives.
This was highlighted in a recent study by Intuit, which noted that data will become a vital raw material for small companies and consumers. In the coming years, decision-makers will be able to access and analyze massive volumes of information, turning the end-product into a resource similar to labor and capital.
"Big data has long been seen as a big opportunity for big business," said Brad Smith, CEO and president of Intuit. "We actually think that the biggest opportunity is giving consumers and small businesses the power of data. We look forward to a new era where big data benefits the little guy."Data will drive the consumer and business landscape
Intuit said that individuals outside the workplace will be able to look at social media and other web-based resources to acquire information about where to make a purchase. This will help people develop long-term relationships within communities.
As for the small business sector, decision-makers of the future will continue to embrace big data trends to gather insight into the consumer market, Intuit noted. As a result, small firms will be able to gain a competitive advantage over rival enterprises that have more exhaustible resources. However, executives need to ensure they prioritize data quality
, as inaccurate information will not be helpful.
"This research details how consumers and small businesses will benefit from the growth of big data," said Steve King, partner at Emergent Research. "We are at the onset of a data revolution that will provide new and meaningful ways for data-empowered consumers and small businesses to connect and engage with their communities, make decisions and simplify their lives."
A separate report by Gartner said big data will have a lasting impact on the private sector, as it will force organizations to use deduplication software
and other data quality tools to ensure the information is accurate.
As social media and the mobile landscape continue to evolve, individuals in and outside the private sector will be able to acquire massive amounts of data to make more informed decisions to better their lives.