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Big Data vs Small Data Strategies for Next Generation Business

Mind Commerce Publishing
Published Date » 2013-12-23
No. Of Pages » 49
 The data market is booming with an ever increasing valuation. In the virtual data ocean, Big Data and small data are complementary strategies at one level and choices of scale/scope at a different level. While Big Data holds distant promises, leveraging “small data” can provide great benefits to small-to-medium business (SMB) as well as large corporations. Simply stated, the cost-performance barrier leaves many lucrative markets inadequately served by Big Data approaches. Carefully chosen data solutions and models should be more accurate, objective, and ultimately lead to improved ROI especially for more near-term time horizons and/or companies with limitations in scale/scope. 
   
 This research provides the reader with an understanding of data management issues,...
Table of Contents: 

1.0 EXECUTIVE SUMMARY 5

2.0 DATA TREND ANALYSIS 7
2.1 DATA SEARCH 7
2.2 DATA QUALITY 8
2.3 TIMED DATA DELIVERY 9
2.4 DATA STORAGE CAPACITY 10
2.5 DEFINING BIG & SMALL DATA INCLUDING SOURCING 12
2.6 BIG DATA VS. SMALL DATA DIFFERENTIATION 13
2.6.1 DATA MINING 13
2.6.2 DATA PURPOSE 13
2.6.3 KEY DECISIONS 13
2.7 DECISION PARAMETERS FOR BIG VS. SMALL DATA 14
2.8 USABILITY OF SMALL VS. BIG DATA IN MARKETING 15

3.0 BIG DATA MARKET ADVANCEMENT AND FORECAST 2014 - 2020 17
3.1 BIG DATA MARKET TREND 17
3.1.1 TRENDS IN THE ADVANCE OF BIG DATA 17
3.1.2 BIG DATA ANALYTICS 18
3.1.3 BIG DATA MARKET FORECAST 18
3.1.4 CASE STUDIES & STRATEGIC RECOMMENDATION FOR START-UP BUSINESSES 19
3.2 BIG DATA VALUE CHAIN 22
3.2.1 CREATING TRANSPARENCY 22
3.2.2 ENABLING EXPERIMENTATION 22
3.2.3 SEGMENTING POPULATIONS TO CUSTOMIZE ACTIONS 23
3.2.4 REPLACING/SUPPORTING HUMAN DECISION MAKING WITH AUTOMATION 23
3.2.5 INNOVATING NEW BUSINESS MODELS, PRODUCTS, AND SERVICES 23
3.3 BIG DATA IMPLEMENTATION RECOMMENDATIONS 23
3.3.1 FOR VENDOR COMPANY 23
3.3.2 INDUSTRY VERTICAL 24
3.3.3 CONSIDERATION FOR INDUSTRY STRUCTURE 24
3.4 BIG DATA TECHNIQUES 24
3.4.1 A/B TESTING 25
3.4.2 ASSOCIATION RULE LEARNING 25
3.4.3 CLASSIFICATION 25
3.4.4 CLUSTER ANALYSIS 25
3.4.5 CROWD SOURCING 26
3.4.6 DATA FUSION AND DATA INTEGRATION 26
3.4.7 DATA MINING 26
3.4.8 OTHER TECHNIQUES 26
3.5 BIG DATA TECHNOLOGY 27
3.6 BIG DATA INDUSTRY INSIGHTS & ANALYSIS 27
3.6.1 US HEALTHCARE 28
3.6.2 EUROPE PUBLIC SECTOR ADMINISTRATION 28
3.6.3 GLOBAL PERSONAL LOCATION DATA 28
3.6.4 US RETAIL INDUSTRY 28
3.6.5 GLOBAL MANUFACTURING INDUSTRY 28
3.6.6 ANALYSIS 28
3.7 CASE STUDIES 29
3.8 EMERGING BUSINESS MODELS 30
3.8.1 AGGREGATING AND SYNTHESIZING PATIENT CLINICAL RECORDS/CLAIMS 30
3.8.2 ONLINE PLATFORMS AND COMMUNITIES 30
3.8.3 PUBLIC HEALTH 31
3.8.4 RETAIL INDUSTRY 31
3.8.5 PLACEMENT AND DESIGN OPTIMIZATION 32
3.8.6 PRICE COMPARISON SERVICES 33
3.8.7 WEB-BASED MARKETS 33
3.8.8 PERSONAL LOCATION DATA 33
3.8.9 SMART ROUTING 34
3.8.10 AUTOMOTIVE TELEMATICS 34
3.8.11 MOBILE LOCATION-BASED SERVICES 35
3.8.12 SHOPALERTS 35
3.8.13 CIVIC POWERED MODEL 35

4.0 SMALL DATA 37
4.1 DIFFERENCE VS. RELATIONSHIP WITH BIG DATA 37
4.2 SMALL DATA TECHNOLOGIES 38
4.3 HOW TO ANALYZE SMALL DATA? 38
4.4 HOW BANKS ARE LEVERAGING DATA 39
4.5 SMALL DATA MODELING IN THE CLOUD 39
4.6 SMALL DATA PROBLEMS IN MASS MARKET 40

5.0 SMALL DATA DRIVEN EMERGING BUSINESS MODELS 41
5.1 SOCIAL NETWORK 41
5.1.1 CASE STUDY: RENREN 41
5.2 LITTLE DATA CONTROLLING 42
5.3 KEY CONSIDERATION FOR DELIVERING SMALL DATA STRATEGY 43
5.4 SMALL DATA FRAMEWORK 44
5.5 SMALL DATA PRINCIPLES 45
5.6 SMALL DATA WITH BIG IMPACT 45
5.7 CASE STUDIES 45
5.7.1 THE REAL DELI 45
5.7.2 GOOGLE 46
5.7.3 ADOBE 46
5.7.4 FOURSQUARE 47
5.7.5 TWITTER 47
5.7.6 ATTIVIO 47
5.7.7 OTHER COMPANIES 47
5.8 RECOMMENDATION 47
5.8.1 FOR E-COMMERCE COMPANY 47
5.8.2 FOR MULTI-STORE CHAINS 48
5.9 GUIDELINES FOR SMALL DATA BEST PRACTICES 48

6.0 CONCLUSIONS 49

List of Tables


Table 1: Decision Points for using Big Data 14
Table 2: How Small Data is Different 37

List of Figures


Figure 1: Data Search Trends in Google 2009 – 2013 7
Figure 2: Global Data Search, Generation, and Delivery Trends 9
Figure 3: Global digital vs. Analog Data Storage Capacity 1986 – 2021 11
Figure 4: Big Data Market Value 2011 - 2020 19
Figure 5: Big Data Value Chain 22
Figure 6: Small Data Implementation Framework 45

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