Today's small-business owners have access to so much information that can help them make the right decisions for their firms, but they must have a big data plan in place to properly benefit from these large data streams.

"The growing access to this massive volume of information – and the ability to refine and analyze it – makes it a new type of raw material, on par with capital and labor, according to recent report published by software company Intuit. "Advanced analytics will move from the domain of specialists to everyday users."

The popularity of big data is only going to grow in the upcoming years, and the Intuit report brings to light how information from sources such as social media, company websites, blogs, customer interaction and several others will change how small businesses will continue their processes.

"Data will be a key driver of global economic growth in the 21st century digital economy, with a profound effect on all aspects of society – business, science, healthcare, finance, government and entertainment," the report stated.

Big data creates opportunities for personalized services
Customers enjoy when they feel as though businesses care about them and are doing what they can to meet their needs. Big data streams give small businesses the ability to learn about their customers and make the necessary adjustments to their offerings in the hopes they will be able to achieve better sales numbers. These insights, combined with access to budgeting software, will help small firms leverage their financial information to make the ideal customer experience for their client base.

Increasingly, consumers have been turning to social media and blogs to voice their opinions about products and/or services in the hopes that businesses will listen. An AccountingWeb article that profiled the report discussed how the terabytes of data produced by families and small businesses on Twitter, Facebook and other sites are just the beginning of the big data revolution. There will be zettabytes of data available by 2020, the source noted.  

Small businesses must be able to understand data
Far too many small-business owners have begun big data initiatives without researching a plan for how to mine for information about their firm. While there is a lot of data at the fingertips of owners of small firms, it's imperative to remember that too much information can actually harm the company instead of help it. The amount of data and the types of resources small business owners should pay attention to varies by the size of the firm and the tools they have at their disposal.

Firms with more integrated tools to understand data and turn it into reports that they can use to make data-driven decisions have a better idea of the information sources that can benefit their enterprise the most. Meanwhile, other companies that aren't quite prepared to harness big data don't know where the most important data comes from and where to look for the information that will provide the greatest benefits.

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