“Big Data” is a next big thing which has been around in buzz from a quite little time now. However, many still possess several misconceptions. So, we thought of presenting the common misconceptions, which create a mystery for some.
Every business has a massive amount of data irrespective of their industry. While the Big Data Analytics have already change the way how business communicate with their data, companies have started gathering the large volume of data of various types like mobile, transactional, and behavior. After combining the Big Data with the advanced technologies, the results can bring a drastic transformation to your business. Still, many misconceptions have arisen among the business.
Here are Few Big Data Analytics Misconceptions:
Table of Contents
Big Data is Inherently Valuable
When you get big data, it is not valuable inherently. To utilize the data received in the massive amount, first, the data is sorted, processed, and then distributed. Here, the data scientist is employed to dig out the important information from the data by creating an algorithm. At first, data scientist finds which data is appropriate and then conducts hypothesis to begin the search.
Deliver Self-Learning Algorithm
As companies have incorporated Big Data to delight their customers, still there is a scope of more research to gain better results. For Example, leading eCommerce brands gives the suggestion of the relevant products to their customers; however, they do not meet the customers searching criteria. To avoid such situation, companies are required to process the data carefully to gain insights and update algorithms to gain full potential of the big data.
Lots of Data Is Required
Big Data contains large data sets that can be used to identify the right potentials for your business. Commonly, people assume that large volume of data is always important, however, the value lies with the good quality data, instead of massive amount as such data are prone to duplicity, redundancy or irrelevant. Therefore, you need to pick up the good quality data, which is helpful for the business.
When you receive quality data from various resources in a limited amount, then such data can be processed to obtain the business insights. It will be helpful for predictive analysis to yield better results.
Brings Major Changes
A common misconception is Big Data brings big changes to the organization. The fact is big data itself is not actionable. Meaning that, even after the data scientist picks out the important information, then also the data holds no importance if not utilized properly. For this, technologies are incorporated to identify the important information from the data to implement it in the right way.
Only for Big Businesses
Every top company uses the big data for predictive analysis. It’s not always certain that these big data is fruitful only for big business. Even the smaller companies can utilize it to gain profits for their business. The use of big data has successfully expanded across different industries and created benefits for every size company. What you do every day is somewhere connected to the big data which brings important information about the competition.
It’s Solution for Everything
The big data can improvise the entire business operations if the goals are already set. Monitor, manage, and process the data to leverage its benefits.
Replacement of Data Warehouse
Commonly believed that the big data will easily substitute the enterprise data warehouse and its will become easier to gain the information from the large data. As the large data hold challenging for the organization to gain business insights or are crucial elements to understand the customer’s search. Comparatively, data warehouse holds all essential information about the customers.
- 8 Tips on How to Create a Successful Technology Business Plan
- Why Small Businesses Should Consider Utilising AI?
- 5 Things to Consider When Planning Your Data Backup Process