Which of the following statements about big data is not true? According to an email received the other day, from a large UK IT company; “The future lies in big data. We are witnessing a paradigm shift in business processes. It is an exciting time to be involved in data science (data analytics). We have already developed tools that will help you manage and visualize big data and the future of big data”. Sounds like a nice description of what is ahead for mankind but does it really apply to the current business scenario or is this simply an overstatement?
The fact is that no matter how well you use advanced technology in your current business the current paradigm still applies. Just look at how the telecommunications industry has evolved over the past 50 years. This form of measurement was initially very labor intensive. It took a large number of people to collect and organize the enormous amount of information.
Initially it required manual recording, filing and archiving to track records. In addition, there had to be a system to track billing and accounts receivable at the same time. This means you needed more than one person to handle the job! Then it got even worse. It was necessary to have someone to coordinate the data entry with clients and suppliers and then it became imperative to have a way to receive the data. This meant phone lines and computer systems that were centrally managed and recorded all of the data on a real time basis.
When it was time to move to a more modern system, it took only a single person to operate the record keeping but that person did not have to coordinate the data entry. He simply collected the data and entered it into the system. No more labor hours were required or headaches from receiving the same forms over. All of the data could be managed quickly and easily and the ability to receive reports was greatly increased. This resulted in faster customer service because inquiries were processed much quicker.
Is it possible that the following statement about big data is not true? Big data does not replace human intelligence. When business is conducted in the old fashion, it takes a human being to understand what is happening on a micro level. With the arrival of big data the need for human intervention is greatly reduced or eliminated.
Yes, this is absolutely true. Businesses that use big data will save a great deal of time and money because they will be able to obtain and utilize information at the click of a mouse. When considering whether or not to outsource or use a service for information storage and analysis use the recommendation of a good consultant who specializes in this area. They should be able to provide you with many references that can help you assess the pros and cons of big data.
Yes, this is also true. Big data is a great way to improve services and increase productivity. When considering the use of an outside company for data storage and analysis to make sure that they have a proven track record and are highly skilled in this area. Hiring an outside consultant for this important task should be a top priority when beginning to evaluate your company’s needs. While cost may be a factor initially, you will end up saving money in the long run if you make the decision to use this type of information.
The third most frequently asked question about big data is which of the following statements about big data is not true? It is correct that it is accurate. Big data is transforming every area of our lives. Today’s businesses and governments are using big data analytics to gain an edge over their competitors and make decisions that are more effective and efficient. Even with all of the technology that is available it will take some time for us to fully adapt to the new paradigm. However, the sooner we do the better our businesses will perform.