Small Data is Underrated
Here at DataVibe, we love data. After all, data is king. Data helps you make decisions and guides your team’s projects. We love all types of data- big and small. Big data is valuable (and you should definitely use it to help run your business). But we equally love small data- big data’s lesser-known cousin.
What Is Small Data Anyway?
Mike Kravis defines small data as a dataset that contains very specific attributes. Small data is used to determine current states and conditions or may be generated by analyzing larger data sets. Compared to its cousin, small data is easy to manage and often more related to your manual research methods.
In sales and marketing, small data can be lead qualifications like company size and industry. In accounting, it can be your quarterly balance. In project management, small data can be metrics like time to completion or successful campaigns.
So why is small data important? Small data can trigger events based on what is happening now. Those events can be merged with behavioral or trending information derived from machine learning algorithms run against big data datasets.You are probably already using some kind of small data in your organization, but now it’s time to show it a little love.
Advantages of Small Data
Ready When You Are
Small data is collected in much smaller and more manageable packets than big data. It is already targeted and can be immediately leveraged for key decision making. It can be used in both high level and departmental strategies and has a large impact on your operations strategies.
Focused on a Target
While big data offers your insight on your overall performance and customer, small data can reveal very specific behaviors or actions that improve your company’s behaviors. Using a combination of the two will contribute to well-informed, data-driven decision making.
In the Now
Small data provides focused and real-time information that allows you to immediately identify trends. It helps you act on smaller, often internal drivers of your business and helps you adjust your strategies to improve performance. Combining you small-data insights with big data historical trends is a fantastic way to stay agile in your business environment.
Embracing data, both big and small can pay off well for your operations. Keep everything you need to know at a glance with DataVibe’s customizable dashboards and reports.