SMALL DATA
TECHNOLOGY
SMALL DATA
Small data represents discrete data sets , such as a survey of consumers or polls to determine voting patterns , and the use of specific analytic methods like time series analysis . These ‘ small ’ data sets are often analysed over time to detect and predict changes in behaviour .
“ SMALL DATA ALSO OFFERS THE ADVANTAGE OF PROVIDING NEAR REAL- TIME INSIGHTS – SUCH AS A CUSTOMER ’ S JOURNEY THROUGH A COMPANY ’ S DIGITAL ECOSYSTEM ”
MICHAEL GILFIX VP , PRODUCT MANAGEMENT , IBM DATA & AI AND CHIEF PRODUCT OFFICER CLOUD PAKS & SAAS AT IBM gap : “ While big data can offer insights on big picture trends and patterns , small data can reveal what drives an individual customer or potential client . So instead of a company guessing that the broad trend it identified from its big data set will apply to its customers , it can use small data to meet their needs in a more personalised way .” In short , it prevents companies from assuming their customers are a monolith .
“ Small data also offers the advantage of providing near real-time insights – such as a customer ’ s journey through a company ’ s digital ecosystem . Whereas by the time a big data set has been analysed , the insights are already old and remain broad in scope ,” he continues .
Cloudera ’ s Field CTO for EMEA , Chris Royles , adds to this by stating that , despite an uptake in the analysis of small and wide data , this view should actually be added to big data analytics rather than replace it altogether : “ Tapping into small , wide and big data , businesses are empowered to build more robust artificial intelligence and analytics to drive greater innovation and growth . Adopting this multi-data approach enables organisations to gather an even richer and comprehensive perspective of the market , all of which can be used to better inform decisions that will fuel the growth of the business .”
Combining types of data analysis for business intelligence The shift in focus to alternative types of data doesn ’ t mean the abandonment of big data , particularly as many software providers have solutions that enable big data analytics with ease . It seems that instead of a focus on big data , organisations will reap more benefits from a diversity of data types and sources and analytic methods . aimagazine . com 109