Big Data is subject to misunderstandings. As the term gains traction in business circles, the concept itself is becoming unclear and clouded by a series of misjudgments and misconceptions.
In his latest piece in Forbes, Bernard Marr, a big data expert, captures some of these misunderstandings.
The first common misunderstanding that businesses have is that they can ignore their data – Marr writes that “ignoring it is sticking your head in the sand; this is a trend that is not going away” but rather permeating almost every sector.
In business, information is power. Harnessing their data thus allows enterprises a key opportunity to extract value and orient themselves accordingly in an increasingly noisy marketplace.
The second, rather surprising, misunderstanding he contends is that businesses think “big data is about data.” The collection and analysis of data in and of themselves has little value if a business does not have a clear strategy as to what to do with its data. Big data is therefore “more about what you do with it” than the mere act of collecting as much data as possible.
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