SMB Big Data: The Hype Is Real
The longevity of any given technology (certainly its impact on the community it serves) will largely depend on how effective the technology is in disrupting the normal course of an industry, but also, on how long the hype around it can sustain its reputation. Big Data (the enormous amount of data collected around everyday consumer activities such as buying bread at the local grocer) is one of those rare technology gold mines that has an equal amount of raw hype and far-reaching track record of ROI (no matter the vertical it serves). With many of the legacy behemoths (Facebook, Twitter, Google aka Alphabet, and the like) banking almost exclusively on the promise of value when employing back-end Big Data revenue models, it's been permissible to approach data (as a revenue model) with a good amount of skepticism... even despite the evidence of return across time and industry. However, as we steadily move out of the Big Data collection era (think Social Media of 2005-2015) and towards the more-ubiquitous monetization of the data (and the models that data helped create), there exists a real opportunity... not only for enterprise service providers within a specific industry, but for small business owners, the nimble risk-takers and vanguard entrepreneurs that often charge ahead in the curves in any given industry.
We've Seen This Before (Think IBM)
Note that seeing past much of the hype around any technology will serve wise investors well and so too will exploring past hyped-up technology that did, in fact, bear the fruit of opportunity for those that saw potential. It doesn't take too much of a stretch of the imagination to recall the era of big computing companies vying for the "hundreds" of enterprise hardware computer clients and to realize that it wasn't in this model, rather the individual consumer model that first accelerated the true opportunity to be had (and even more so later with the paired power of interconnected networks aka the world-wide web). In similar fashion, it is expected that those forward-minded entrepreneurs that more-rapidly adapt to the employment of these new tools within their industry will have the peak opportunity to maintain or declare dominance in their industry (or service region). Now, this goes without saying for the enterprise industry brands as they've not only known this for decades but have likely helped to lay down the data exchange infrastructure itself. From fiber-optic cables spanning the ocean floors to ever-evolving encryption methodologies seeking to challenge those that would disrupt the data mid-stream, there are entire industries springing up around the collection, processing, and dissemination of consumer data. But what does this mean for you, the everyday entrepreneur? This is where it gets interesting.
Let's Talk Data Access
It's understood that everything changes and this is especially true within the world of technology, but one thing has remained true since the spark that set off our universe... data. Of course, it's lofty to say that all data can be collected harking back to the first nanoseconds of our being, but, in fact, the data is there and as newer instruments of collecting and newer methodologies around interpreting the data come to be, the overall truth of... nearly anything becomes clearer. So, what does that mean to a real estate agent in Wisconsin or a small, mom & pop HVAC service provider in California? The truth is... we don't know. That is... we don't yet fully understand the impact that access to this amazing breadth of insight, this large business intelligence will have as we hand it over to small businesses across the country. What we do know, is that for the last 5 years, offrs has been designing, deploying, and improving the real-world, practical data product: predictive analytics for small and large operations alike. Is a homeowner in this region likely to sell their home within the next 6-12 months? We can tell you with a roughly 70% national average accuracy. What else can we tell you? Well, like the internet itself, the true power of Big Data has yet to unfold, but we have some insights on where these innovations in application and investment recoup will take place. We've mentioned access, but let's talk about accuracy.
The Evolution Of Data: Accuracy
Right now, when we (technologists within the industry, that is) speak of Big Data, we're speaking from an understood position that there is, of course, some level of miscalculation that's inevitable in such large transactions over time. These are the second-by-second inaccuracies that mathematically surface with the exchange of such copious, even network-halting amounts of raw data. Like the early iterations of any targeting weapon, how accurate the given device is will drive the impact it has in and on the field in which it operates. So if we're looking, even hypothetically, at an improved-upon deployment of Big Data for SMB's, how might that look? Well, it'd have a significant impact on the target (a big splash, so to speak), it'd be accurate, light and agile (so as to be useful to nearly any operator). We could go on and on, but we've already hit upon the point we're trying to make here regarding the evolution of Big Data... and that is accuracy. With hundreds of technology companies tracking your actions (and inactions, mind you) across time and space, all contributing to a larger picture of your current and future motivations, there will inextricably be conflicts in the true timeline that is your digital presence and footprint.
It's All About Time & Space
During the early days of electronic navigation technology, as satellites were employed to track position, the processes utilized were of no surprise to those bringing the technology to life. That is to say, unlike many inventions whose mothers and fathers lay astounded by the accidental tool they may have brought to bear, the visionaries behind satellite-triangulation as a tool for navigation were already deeply familiar with the inseparable relationship between position and time. How does this play into offrs and what business intelligence can do for you? Well, like GPS technology, the accuracy of the data that paints the picture of where you really stand (and ultimately, beyond positioning, what you're doing) depends greatly on a constant and never-ending stream of information. But, like this technology, these streams of data (signals of time that help triangulate your estimated position) compete with other streams of data inside and outside the bandwidth allotted for the purpose. This is to say that even accurate sources of data can become diluted and made worthless as more and more streams of data spring up around the world. In this environment, where access to accurate business intelligence can make or break industry players, knowing what has just been marked as an unlikely event (a data conflict) is just as important as what has been marked likely to have happened. Curious how this might play out?
How offrs Scrubs Big Data For Your SMB
To put this point on a practical data map, imagine that Foursquare just pinged you at a restaurant in NYC (because you just posted a photo of your lovely meal on Instagram), but LinkedIn just marked an in-app message as read by you in New Jersey. These two fragments of the puzzle ("where were you when doing what with whom") are extremely valuable and... conflicting. So, what are you doing? Dining or networking? Where are you? NYC or New Jersey? A network of cell towers in each case had individually triangulated your estimated position, but knowing the hardened address of the restaurant you tagged in the photo ultimately gave priority to you being in NYC at this time. If you don't yet see the importance of this, then you likely aren't a business owner in either of these cities (or aren't yet taking advantage of Big Data to push targeted ads to those that travel into your marketing turf). However, since local (you and the device you're holding) privacy is most often the linchpin in inaccuracy, we as a whole have been battling where the line here should be painted. And as the trails of Big Data cross over the landscape like railroads across the barren plains of early America, only to become the crisscrossing loops of dangerous, inter-woven highways that now define our world... policing the quality of the data will require a higher degree of accuracy. This is the future of Big Data: pin-point accuracy.
The Future of Big Data
So let's bring this back down to Earth... the data collected, processed and distributed... the data that drives predictions that the whole world (no matter the industry) now relies so heavily upon... is nevertheless not yet perfect. And the one that can prevent data inaccuracy or scrub inaccuracies in your data... that provider can change the entire game once again. And this brings us to offrs and the work we're doing on Big Data for SMB's and Enterprise entities.
- We have the widest breadth of Big Data (aggregating from over 30 raw data providers)
- We have the best accuracy and coverage
- We provide the most accessible pricing as our mission is "Big Data for Everyone"
So, given that privacy is one of the loudest gatekeepers to innovations in more accurate data (and this is a good thing), offrs has focused on finding accuracy through innovations in our Data Accuracy & Data Quality Algorithms. But more to your immediate needs, we've made this service accessible both useability-wise and yes, investment-wise. All that we need now... is you. Call one of our Big Data specialists today and let's see what Big Data do for your small (or enterprise) business.
offrs collects and provides topical insights, statistics, reviews, humor and best practices gathered from real estate professionals and consumer homeowner industry peers. If you're a broker or agent interested in learning more about seller lead generation or home seller marketing services and solutions, visit www.offrs.com or continue to browse our growing collection of industry articles at www.offrs.net.