Want better performance? Try small data.
The enterprise world fell in love with big data half a decade ago. McKinsey called it, “The Next Frontier for Innovation,” the HBR called it, “The Management Revolution” and companies like Tableau achieved multi-billion dollar market capitalizations. (Not to mention high profile startups like Cloudera and Palantir.) Today the Garter Group sees a stable market with headlines like, “Investment in Big Data is Up but Fewer Organizations Plan to Invest.”
Lots of people use small data and don’t even know it
As the enterprise business hits saturation, early adopters in the rest of the economy achieving competitive advantage with small data. Lenders, hedge funds and asset managers embrace “alternative data” to understand loss risk and opportunities in the financial markets. Leading sales organizations call the same phenomena “sales acceleration” which generates better results with less effort. Internet companies call it metadata. Although not using the same wording, everyone is talking about small data as second order data from big data.
Small data is a big opportunity for anyone selling information. The Big Data industry revolves around designing enterprise products for the thousand, or so, Fortune 500 sized companies. Companies with less than $5b in revenue account have significant needs and also represent a vast market.
Small data means human-comprehensible data typically representing big data sets.
Companies seek data on-demand with transparent pricing that fits budgets. By helping businesses discover new channels of information, having this information pre-integrated into tools everyone already uses with comprehensible pricing vastly expands the market for information.
Smart managers use small data to make better decisions.
At Odge our entire business revolves around making small data accessible to anyone anywhere. Beekeepers find the most productive locations for hives. Truck drivers optimize routing. Investors calculate ratios. Real Estate agents develop leads. Connecting people with the right information in familiar spreadsheets like Microsoft Excel or Google Sheets means anyone can improve their business with data.
This post also appeared on Odge.com.