Think big data is only for the Fortune 500? Think again. As an entrepreneurship consultant focused on small and medium businesses, I‘m here to open your eyes to big data possibilities.
Big Data Growth is Accelerating
Let‘s start with the staggering size and growth. As you‘ll see below, almost every measure shows exponential increases year over year.
| Category | 2022 | 2023 | Growth |
|---|---|---|---|
| Size of Global Datasphere | 149 zettabytes | 181 zettabytes | 21% |
| Big Data Market Size | $215 billion | $274 billion | 27% |
| New Data Created Daily | 2.3 quintillion bytes | 2.5 quintillion bytes | 9% |
Table 1. The rapid expansion of big data in 2024. (Sources: IDC, Seagate, Visual Capitalist)
And growth won‘t slow down. Some projections have the amount of data created annually rising from 64 zettabytes currently to 181 zettabytes by 2025 – a 485% increase in just 5 years!
Big Data Use Brings Big Money
With great data comes great revenue potential. Top companies are already tapping into big data‘s power:
- Netflix saves $1+ billion per year deciding what movies and shows to produce
- Google handles 100,000+ searches every single second
- Data professionals earn $146k per year on average amid hiring boom
- 50%+ of major corporations rely on the cloud for big data storage/access
And the financial promise extends to small businesses ready to embrace analytics. A survey showed 27% of execs directly credit big data for driving profit gains while only 12% reported losses.
Industry Applications Show Breadth of Possibilities
Beyond media and search, big data makes an impact across sectors:
- Preventative healthcare can cut costs by $7 billion through data mining medical records
- Optimizing routes for transportation companies saves $10 million per year
- Machine learning boosts agricultural production by 30-50% for some crops
- 82% of shoppers want personalized retail experiences that rely on customer data
- Fraud detection with big data analytics has saved the finance sector $18 billion
The bottom line is that big data applications are nearly endless. It touches every function and department. The companies putting enterprise-wide data to use will win.
Small Business Strategy Tips
Of course, actually tapping into big data poses challenges, especially for small companies with limited budgets. Here are my top strategic tips after advising scores of entrepreneurs on leveraging analytics:
Start small, think big – Identify one high-value area to apply data insights then expand from there. Quick wins build confidence and justification.
Involve leadership – Gaining investment into technology, talent, and data infrastructure is crucial. Share outside success stories with hesitant leadership.
Hire data DNA – Technical skills can be learned but intrinsically valuing data and analysis helps drive adoption. Seek data evangelists.
Daily decisions – Embed data into daily operations. Consistent small applications of analytics transform culture.
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The data revolution provides unprecedented opportunities for agile small businesses to compete through leverageing information. My goal is to prepare entrepreneurs everywhere to ride this wave rather than be swept away by it!
References available upon request
