From its very definition to the opportunities it can provide, big data is largely misunderstood. It’s time to debunk some of the more common myths about this branch of advanced analytics.
Myth: Big data isn’t different from other types of data.
Reality: Big data is different. It comes in a vast variety of structured and nonstructured forms, and its volume is growing rapidly. Capturing, measuring, managing, and analyzing big data requires different capabilities than traditional data analytics. But it also can create different opportunities.
Myth: Big data isn’t important to old-fashioned businesses.
Reality: Big data is relevant for all businesses, no matter the size or type. Simply analyzing the buying patterns or contact preferences of different types of customers can lead to better customer service and higher profits.
Myth: Our data is too big, dirty, and/or fragmented to get value.
Reality: There was a time when dirty or fragmented data could bog down big data analytics, but today’s technologies can help overcome these issues, handling all types of data, from structured and unstructured to big, dirty, and/or fragmented.
Myth: Getting value from big data requires a major investment.
Reality: Applications that can process big data sets now cost a fraction of what they did a decade ago.
Myth: Small companies can’t win against the industry giants.
Reality: Big data offers new ways of competing. By better understanding the preferences of your customers and which products are most relevant to them, for example, you can accomplish new goals, like developing a strategy that could be a game-changer in your industry.
Myth: This isn’t really a new commercial opportunity.
Reality: Big data presents a host of new commercial opportunities related to pricing, marketing, sales, customer insight, and globalization.