[video mp4="http://fbt2015-media.s3.amazonaws.com/media/2015/07/465783001455.mp4" poster="http://fbt2015-media.s3.amazonaws.com/media/2015/06/070979906053.png" autoplay="true"][/video]
Big data is becoming increasingly talked about in business. But what impact will large collections of customer data have on businesses?
On behalf of accountants Smith & Williamson, we spoke to three entrepreneurs who thought about what impact big data will have, and whether it will change how businesses work or not.
Ben Fletcher, director of Osney Media, said: “I think that big data is going to affect every business. I think the problem is at the moment that people don’t understand what to do with the data they’ve got.
“I don’t think every business will benefit from big data, but it will make a big impact because other businesses are taking advantage of these insights and you’re not it’s going to negatively impact.”
We also spoke to Bradley Star, MD of Starserv, he said: “My viewpoint is exactly the opposite, my background has been using data to improve marketing activity.
“The ability that companies have now got with the amount of data to really measure what is going on and find the areas for improvement, is really unparalleled in the past we used to find it very difficult it’s now a lot easier. Any company that ignores the power that data can give them will be at a disadvantage against their competitors and the tools are cheaper and more readily available all the time there.”
And finally we spoke to Rod Banner, angel investor and entrepreneur. He said: “I don’t think it’s going to make as much differences to the businesses as it is to the individuals. That are both customers to those businesses or the individuals that make up the business.
“From a company perspective, companies have to play with a straight bat and they will benefit from the big data that individuals will be happy to share with them."