If you find any of the below to be true, don’t worry; you’re not alone. Many people don’t understand Big Data. Many people don’t even know what it is (other than being a buzzword). Here are 5 signs that you’re one of them:
1.You Ignore Big Data
If you’re not using big data in business, then you must not understand what it is, and how valuable it is. Maybe you just think it is a trend…it’s just the latest thing, but that doesn’t mean it is changing the entire world of business.
People say that Big Data is transforming the world we live in. Something that transformative isn’t just a trend, and it’s not going away. And if it’s transforming our entire world, you can be sure it is transforming business as we know it. Don’t get left behind in that transformation.
In business, information is power. Big data is providing information we never even dreamed of collecting or analyzing just a few years ago. Learn more about the kind of insight that data can provide you with.
2. You Think It’s About Data
Interestingly, it’s not as much about the data as it is what you do with the data. Collecting data isn’t the end game of Big Data, it’s just the beginning. By itself, raw data is actually pretty worthless.
Instead, it’s about what you get out of consolidating and analyzing the data. Data analysis provides a tremendous amount of insight. If you get that insight to the right people, then you can improve your processes, make better decision and add business value.
3. You Think Big Data Is All About Quantity
Logically, this makes sense; after all, big is more. And this is partially true. Big Data got its name because advances in technology suddenly enabled us to collect and analyze massive quantities of data – far more than ever before.
But there is another aspect of Big Data that many don’t know about: variety. We now have the ability to analyze new types of data; not just the data in rows and columns of spreadsheets and databases. We can now analyze unstructured data. We can analyze large blocks of text, photos, video, health records and more.
4. You Think “The More the Merrier”
If data is so valuable, then it makes sense that you’d want to collect as much of it as you possibly can. This is why some companies have become data hoarders, collecting and storing as much data as possible. However, this assumption is wrong.
Hoarding data quickly becomes costly, as data storage is no where close to free. So as your data collection grows, so do your storage costs. But even if cost isn’t an issue, data hoarding still is not your best option.
Analyzing and searching vast quantities of data becomes quite challenging and requires more resources and more data science skills to do so. Generally, it is best to only collect the data that you need. To identify what data you need, it is best to know what questions you want to have answered and develop theories prior to designing a data project.
5. You Think You Need to Collect and Store Large Quantities of Your Own Data
The world is beginning to view big data as a commodity. Therefore an entire market is beginning to emerge where suppliers and consumers of data can buy, sell and trade data. The government is also now one of these players; data is being collected and shared by open government data initiatives, scientific research organizations and other not-for-profit agencies.
Furthermore, today’s technology is making it easier than ever to collect many types of data, all the time. So many organizations are finding that they already have access to most of the data they need, or they can easily collect it themselves, whenever it is needed.
Hopefully, This Clears Things Up
Big Data has a misleading name, which causes common confusion as to what it is, and why it’s important. And hopefully, you have a new understanding of the concept that will help you navigate the inevitable changes to come.