Guest Blog written by Ed Abrams Vice President IBM Midmarket Business
Businesses of all sizes are facing a barrage of information.
From the regional bank that has to process thousands of transactions for customers who demand immediate information and response, to the law firm that has to process mounting paperwork from disability claims, to the police chief who has to ensure his officers have the most accurate and current data to assess risks in the hopes of reducing crime on their local streets, and to the doctor who has to manage and make sense of patient medical records -- the dynamic of all these information needs is what we call Big Data.
Big Data is the ability to access and make sense of huge volumes of information, often in real-time, and it. Big Data is a game-changing trend for every industry, government, society and business, regardless of size or complexity.
Big Data is on the verge of a rapid growth spurt, due to top $50 billion in IT spending worldwide within the next five years. However, a third of U.S.-based small and midsize businesses (SMBs ) using business analytics and interested in making the leap to Big Data analytics cite a lack of skills expertise as their main barrier to adoption, according to Techaisle.
With information constantly flowing from sources both inside and outside organizations, SMBs are discovering they need to have all of their data in one place. Having centralized data would enable SMBs to examine their operations in a single view to help them glean useful and actionable insights.
SMBs, like their larger counterparts, are looking to use Big Data analytics to grow their business through deeper insights into business operations and their competition. With Big Data, SMBs can make more informed decisions to help them cut costs and improve profitability.
Take, for example, a regional pizza chain that wanted to help its management be smarter about how the outlets operated. The pizza chain turned to a business analytics solution that allowed its district managers to use data to meet customer demand in real time with the best service. Analytics has given the chain increased insight into its data in all of its forms -- from loyalty reward points to social media posts, and distributing the insights in a simple and meaningful way to influence marketing decisions from menu options to local promotions.
