Big data has been talked about for a while as a catch-all solution that will revolutionise everything! There are some really great advantages to the use of big data, however, it must be used correctly. Simply trying to apply big data analysis to every problem that your organisation faces will not work in the long run.
There are a lot of myths and misconceptions around the use of big data, It is important to know the facts. So let’s take a look at some of the myths about big data and any truth that may lie behind them.
1. Everyone is using big data
Everyone that should be using big data probably is by now, however, that doesn’t mean that it is useful for every business out there. The first thing that you need to do is to make sure that there is a valid application for the data and a suitable return on investment.
The instinct that has driven many to start using big data is that they don’t want to be left behind. As such, there is a great deal of pressure to ensure that not only are you using the most modern tools available but also that you have taken the time to investigate if they are needed or not.
2. The bigger the better
When it comes to big data, size is important but it is not everything. It is essential that the data that is used is suitable large in size but it also needs to encompass enough variety for any analysis to be valid.
The greater the variety of data the more chance you have of being able to report on some learnings that are truly unique.
3. Big data is like a crystal ball
There is a misconception that big data will reveal the secrets of the universe and even the future. While it can’t do that, it can certainly tell you a lot of information. This can include marketplace trends and fairly reliable predictions on what is to come. The type of probability forecasts that big data can produce can be game-changing when it comes to beating out the competition.
4. Big data comes at a big price!
Governments and corporations are spending a lot of money on big data and they are investing a great deal of other resources to these projects as well. The best and the brightest have been recruited to operate data centers with some of the most advanced computing technology available.
This important thing to bear in mind is that the initial phase of any technology is always much more expensive than most users will end up paying even after a few years. As such the cost of using and analysing big data have dropped significantly while the utility has increased dramatically in recent years.
5. Big data is only useful for those in IT
Although big data might be more at home for IT professionals and experts, it is worth noting that the applications for this technology are wide-reaching and can be applied to most levels of business. As such, there really is no reason to keep the big data tech locked away in the IT department. It should be a tool that is used by the whole team, especially when making strategic decisions. Having the additional insights that only big data can provide will give you and your team an advantage over the competition in ways that you never thought possible. To get started, you should attend big data courses to ensure that you don’t get left behind.