The term Big Data refers to a set of data or combinations whose size, complexity, and rate of growth require non-traditional computer applications to handle them properly, as conventional data processing software cannot manage them.
Our managing partner, Héctor Torres, believes that the proper management of large amounts of information helps organizations generate new growth opportunities and deploy new products and services.
"Big Data is an essential element that various companies have embraced to better adapt to the new scenarios that have emerged, especially with the emergence and development of new technologies," he states.
For Torres, an advantage of implementing Big Data in companies is improved competitiveness, as it reduces operational risk through better marketing decision-making. This step will help companies avoid improvisation in their operations.
Another benefit is that product evaluation becomes more efficient and almost instantaneous thanks to a real-time information collection system stored in a database. In this scenario, the goal is to replace a non-performing service or product with one that has an impact on the consumer and generates profits.
"It is at this point that companies must carefully manage their marketing strategies, so as not to sacrifice product quality in an attempt to generate quick profits," he adds.
However, Torres points out that some businesses get lost among the abundance of data, failing to focus on what is truly important: using it to draw conclusions and obtain relevant information for the business. This is where Small Data comes in, collecting data in a format and quantity that makes it accessible, informative, and usable.
The difference between Big Data and Small Data lies in the former's focus on data volume, typology, and processing speed, while small data consists of usable parts.
Therefore, the purpose of Small Data is to make large data easy to understand, connect, organize, and package information so that everyone in the organization can use it conveniently for daily tasks.
Our expert indicates that Small Data helps small and medium-sized businesses in the process of identifying the "ideal customer," introducing new products, and establishing a network of collaborating suppliers.
"Social networks have allowed people to use data without requiring extensive infrastructure. Individuals can manage statistics from platforms and have evidence to create business strategies," he explains.
If you have further questions about adopting digitization in your organization, you can contact us or visit our offices."
-Written by the Torres Legal Team.