“Big data analytics will completely change business.” That is an exciting claim and one that I find to be entirely true. No business is static, and no business can exist without people interacting with it on a regular basis. The data that people come up with on their own, using tools like big data analytics, helps business managers make better decisions, and in so many ways. To say that the future holds endless possibilities is an overstatement.
“But what about fraud?” A second question to ask yourself is, “What about fraud that isn’t committed?” Maybe you have a website or two that your customers have come to on their own, and they’ve given you permission to collect their data. Perhaps you’re building a social networking site based off of data from your customers. There’s no reason why you shouldn’t be able to sell it to a third party.
“And what about spam?” Again, your analytics are designed to filter out spam, and if you have some rules already in place, you won’t have to worry about it. If anything, you’ll find that the spam problem will probably be lessened because of this. The point is that the amount of spam that actually makes it into the big data base will probably be a lot lower than you think right now. At least, it should be lower.
“It is accurate enough to be helpful.” The truth is that no company can be 100 percent accurate, no matter how much technology they use. While it might be hard to believe now, companies are going to want to use big data analytics because they’ll be able to find problems before they become large, and to correct them before they do become large.
“I can get all my information in real time. Maybe, not tomorrow, maybe not next week, but I can get it all.” Of course, many companies don’t have the luxury of having real-time information at their fingertips, but even if they do have that someday – it won’t be very useful without other technologies in place to help you collect that information. This is a pretty big claim, and while you probably won’t see all of the data upfront, over time you will, and you’ll be glad that you took the time to make sure that the company you chose has all of the right tools.
“The pricing model is perfect for my business.” Yes, many companies are pricing their products too high right now, and they’ll continue to do so as long as they want to keep their customers happy. However, when you use big data tools to collect the pricing in real time, you can adjust it so that it’s much more in line with what your actual costs should be. If you use the wrong tools, though, you could end up costing your company far more than necessary.
“The data I’m working with is open and free of errors.” Unfortunately, data is never. It gets updated, modified, and cleaned as it’s collected – so there’s always going to be an element of uncertainty attached to any particular set of numbers. As the data sets get bigger, though, you can be pretty confident that you’ll be able to make accurate guesses about what those figures actually represent. In fact, the only real way to avoid making bad guesses about what data represents is by collecting your own real-time data. Even if the internet or your smartphone doesn’t allow you to immediately share your findings with everyone, you’ll know that you’re getting closer to a solution to which of the following statements about big data is true?
“I can confidently predict that the price of software X will decrease.” No, this isn’t technically true. However, if you’re willing to make an educated guess based on patterns in the past, you can at least give this statement a “yes.” The problem is, making educated guesses about price fluctuations on the market are notoriously difficult and time consuming – which is why it’s so easy to make a bad guess when you’re attempting to decipher which of the following statements about big data is true?