Collection is easier, analysis is more in-depth and cloud storage is making it cheap, yet too many small and medium-sized Kiwi businesses are not in the “data game”, an expert said.
WhereScape founder and president Michael Whitehead said every business is a data business, regardless of size.
Large retail, telecommunication, finance and health enterprises have been aboard the data bandwagon for years to get a better picture of their sales, inventory and target market. READ MORE: Small business owners should tap into data analysis, US expert Donald Farmer says Australia passes data breach legislation People analytics could be way of future for HR
But, for those small businesses that don’t want to make a large investment, cloud storage was the answer, Whitehead said.
“New Zealand is behind in cloud based data storage adoption.”
When Whitehead started WhereScape in 1997, just collecting internal data was difficult, he said.
“Now, the game is I’m smarter in my use of data … People view data all the time, from everything, thinking, ‘what can I do differently with it?'”
There is an increasing worry among businesses storing and collecting data this year due to global cloud security breaches, Whitehead said.
Although, behaviours have not changed.
Whitehead said the major threat to the industry was a lack of understanding of today’s complex big data.
Not everyone can point out the predictive analytics – the correlations within your statistics that you never knew existed.
“The interpretation of data is doing people’s heads in,” Whitehead said.
The data trends this year are streaming and automation.
Chief executive of WhereScape’s consulting arm David Morris said they were seeing immense global investment in fast fibre.
Whitehead also expects to see an uptake of external data collection in New Zealand and a carry-on in the self-service style of data analysis.
When asked which businesses should use data in 2017, Whiteheads’ answer was “everyone”.
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