Watch Out! Here Comes Big Data 2.0

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Writer and Entrepreneur
4 min read
Opinions expressed by Entrepreneur contributors are their own.

Unless you were living under a rock for the past 10 years, you’ve probably heard of the term, big data. It was a moniker that was given to the industry and school of thought around collecting and visualizing data.  This included analytics, dashboards, graphs and other such software. But there was a very large piece of the puzzle missing in the big data 1.0 era:  intelligence.

Companies and people were able to see their data, but the software wasn’t able to tell them what that data meant. Being in , the biggest indicator of this problem was Analytics and the way owners were using it. I’ve had countless calls where business owners would ask the same questions over and over again about their website analytics: “What does bounce rate mean?” “My time on site is low, is that bad?” and “What does it mean when I have a lot of visitors but not that many page views?”

Related: 3 Things That Successful Entrepreneurs Know About Data

But this period, bereft of insights, will soon be coming to an end. There is a new wave of companies and technologies that are changing how data is handled. Instead of simply visualizing and presenting data, the big data 2.0 groups will be interpreting your data and giving insights and actionable advice on it.

No longer for the big boys

It used to be that insights into what your data was telling you were exclusively reserved for enterprise level companies. It was they who could afford data scientists, analysts, and modelers to wrangle their data and present solutions rather than more questions. But with the advent and advances in deep machine learning and AI () software and machines are now able to provide many of these insights to the general business community.

Related: Should ROI Be Attached to Every Marketing Activity?

In fact, as is usually the case, as technologies advance and become democratized, the price points drop and become affordable for small-business owners. For instance, a company called Diib recently launched their analytics intelligence tool. It ties into a company’s existing website analytics software and tells the user in plain English what is going on with the website. Now, business owners don’t have to have a PhD in data analytics to know how their website is doing and how they can improve it.

This type of tech used to cost tens of thousands of dollars, just a year or two ago. But the speed of advancement has driven the price down to about a dollar per day. And for entrepreneurs, big data 2.0 is just starting to pay dividends.

Leveling the playing field

For the same reason that I’d mentioned above, enterprise level companies have always had an advantage over small businesses because of the size of their checkbook. But that’s quickly changing. By giving computers and programs the ability to think and analyze, the tech industry has given owners access to intelligence that previously only came with doctorate level employees (a cost few small business owners could afford).

And while I’ve highlighted how this will help with website analytics, the insights don’t stop there. There are dozens of financial programs that will help analyze your balance sheet (like TaxAlli) and give you an understanding that previously would have only come with a high-priced CFO on staff. , IT, and facilities are all similarly being upgraded with big data 2.0 insights.

Being a small business owner in this new age of intelligence means that you now have access to levels of insight that were previously unattainable in the small business realm. Now go out there and leverage these advancements and become a data powerhouse.

Related: Why Your Startup Needs to Be Data Mature From the Beginning

More from Entrepreneur

We created the SYOB course to help you get started on your entrepreneurial journey. You can now sign up for just $99, plus receive a 7-day free trial. Just use promo code SYOB99 to claim your offer.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Discover a better way to hire freelancers. From business to marketing, sales, finance, design, technology, and more, we have the freelancers you need to tackle your most important work and projects, on-demand.

Latest on Entrepreneur