Big data has been gaining attention on a massive scale as a way to garner better business intelligence by harnessing vast amounts of data from multiple sources. However, the size of the strategy has intimidated some small businesses by spurring concerns that they may not be able to collect enough content, store it and uphold data quality
, let alone adequately analyze it for valuable insights.
However, that is all changing as big data and the tools needed to process it are becoming much more attainable. In fact, Entrepreneur Magazine predicts that in 2013, big data will be adopted by cutting-edge innovators who want their startups to be able to compete.
When companies do tap their point-of-sale systems, loyalty program databases and social networking sites, they can often learn helpful information about their customers' preferences, which allows them to send personalized offers. Smithsonian Magazine said this trend is being seen more often across a span of retail environments, such as supermarkets and specialty boutiques.
While these data collection tactics may seem invasive, the majority of customers actually say they would rather receive the targeted offers, even if it means companies are collecting data about them, a study by Accenture found