For many companies, tapping into big data can sound about as realistic as being asked to mine for diamonds. Surely this stuff is just for the really big players like Google, right?

Not anymore - and the good news is that the cost of accessing and analyzing big data is falling, with many companies now offering products suited to the small and medium-size business markets. And while diamond mining is still probably out of reach, these new tools mean you can tap into big data and access some virtual gems of information which can be just as valuable to your business.

Wait, What is Big Data?

Big data is a collection of data sets so large and complicated that traditional methods of data processing can’t cope. Formerly the domain of large corporations, big data has been used for some time to provide insights into customer behavior, to inform financial analysis and to measure responses to marketing activity.

The bigger the data, the more reliable the insights in terms of pinpointing trends and patterns, equipping companies with a deeper understanding of what customers want and any other issues they identify as relevant to their area of commercial activity.

These days, there are lots of ways for companies with more modest budgets and minus the in-house statisticians, to become part of the big data revolution.

Digital Technology is the Enabler

The vast majority of companies now rely on the Internet, smart phones and social media to function – and so do their customers. These enablers mean that with a basic IT infrastructure any company can access an increasing range of cost effective technologies which will give them an insight into who their customers are and what they need or want.

It’s a bit like an old-fashioned shopkeeper. He knows his customers and uses this information to tailor his service to meet their needs. Now it's on a bigger scale.

And with various tools available for targeting different aspects of business operations, you can also gain insights into how your staff performs, whether supply chains can be enhanced and how your bottom line and cost structures can be improved.

The Bigger Picture on Big Data

A recent report by Intuit.com and Emergent Research highlights the anticipated growth of data – more than 40 fold worldwide over the next ten years. Accompanying that growth will be the increasing value placed on data, which is predicted to be the main driver of economic advancement in the 21st century digital economy.

The same report looks forward to a ‘new era of data-driven decision making,’ which will revolutionize the way individuals behave and how businesses respond to those individuals. It encourages small businesses to embrace this opportunity and outlines way in which they can ensure they are not left behind.

So the message is pretty clear – tap in now to big data and you could unearth some real buried treasure.

David Newman is a marketing expert, professional speaker and founder of Do It! Marketing, a marketing strategy firm dedicated to making thought-leading entrepreneurs and executives more successful. He's also the author of Do It! Marketing: 77 Instant-Action Ideas to Boost Sales, Maximize Profits, and Crush Your Competition which is available on Amazon. Follow David on Twitter @dnewman.

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