This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/08/16/does-your-business-really-needs-big-data-analytics/
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“Big Data” has become a phrase that sets itself apart in the tech industry. Unlike a host of other technologies that rise to the spotlight as buzzwords, only to die in the internet’s disposal bin a few years later, big data is actually useful. It is used to make stock market predictions, detect fake news and prevent fraud by fintech companies.
Big data has become so useful that merely having your company associated with the term seemingly makes it more valuable.
With all the success stories we hear, is everything so clear cut? Do all businesses need to integrate big data into their business models if they want to survive the next great internet purge?
Behind the smoke and mirrors.
The sad truth about the big data trend, like so many others that manage to make it to the mainstream, is that a lot of the hype is misplaced. The first headwind companies run into is in the fact that data itself has no inherent value, instead, it’s given value by how it’s used.
Big data involves collecting a mixture of structured and unstructured data and finding a way to convert it into something useful. A lot of startups looking to join the hype around big data collect the data and adopt a platform, only to find they don’t have any real problem to solve. It becomes a classic case of putting the cart before the horse.
So, why is making use of big data such a difficult task? In a nutshell, it’s because running a data-centric organization isn’t about the size of the data. There’s no direct correlation between the amount of data you collect and your relative success in your field. You are more likely to succeed based on the usability of the data you collect, big or small.
Rather than obsess over how much data you have, it makes more sense to collect data you need … Read More
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