Little Data

There is a lot written about “big data”. A lot of the real value in companies such as Google, Facebook, Twitter etc is the amount of information they know about people. They are looking at tendencies of certain groups (females aged 45-55 who looked at product X in the past 6 months etc). They are looking at trends, correlations and much more.

In smaller businesses they don’t have big data but they do have little data and that can also be quite valuable.

If you know that 95% of your sales are made on Wed, Thursday and Friday you can make decisions based on that information (it might be to close the other days or it might be to figure out what is wrong on the other days to increase sales altogether). If you know that one salesperson averages twice as much per transaction than another salesperson, you can make decisions based on that information.

Not all companies have access to big data but we can all use little data to make better decisions.

Have a great day!