Fact & Myths About Big Data
Big Data is one of the fastest-growing technology trends in the digital economy. By extracting valuable information from huge data sets, Big Data plays an important role in driving business operations to achieve growth and staying ahead in the competitive landscape. However, since Big Data is still a relatively new and evolving technology, there are many common myths that are associated with it. Addressing the truth behind all those myths about Big Data can help you make the right decisions and prevent disasters caused by your false expectations.
Big data is not only for big companies, it is valid for organizations of any sizes
Big data programs are just as valid for a small company as they are for the big multinational companies. We saw that many global corporations are investing a huge amount of money to invest in Big Data analytics. However, no matter how big your organization is, you can still utilize Big Data for making strategic decisions in your companies, including boosting sales, increasing revenue, and creating new innovative products. Many Big Data service providers are now offering more affordable licenses for small businesses. Moreover, with the rapid development of cloud computing technology, small organizations are now able to use big data at a lower cost.
Big data cannot predict the future, it analyzes data from the past to foresee the future based on probabilities
Many people believe that Big Data can help you predict the future. But the truth is Big Data comes into action only by analyzing the past data to foresee future happenings. All those predictions for the future are completely based on probabilities, which has no guarantee for a completely correct prediction, no matter how sophisticated the statistical analysis that you are using. However, you can improve the accuracy of your forecast using Big Data analytics if you have more relevant data that supports your decision making.
Big data is not all about data size, other factors like speed and diversity of data are just as important
Handling the massive amount of information is one of the main factors of Big Data. However, implementing good data analytics is not only about volume. Big Data is often characterized by volume, variety, and value. While implementing Big Data analytics, you need to consider beyond the size of data, and also take into account the speed and the diversity of it. In most cases, you will find more value from investing in good data management than from investing in more data. More data isn’t always better, but good and clean data is important for your business. More data can mean more risk, especially if you are not constantly reviewing your models, governance, and data processing. So, instead of adding more and more data to your system, it is better for you to start looking for ways to make your existing data process better.
When your company starts to implement a Big Data system, it is very important to understand the facts behind the myths of Big Data to prevent bad decision making. Understanding that Big Data is considered as a new technology, especially in Indonesia, the important thing about the implementation is not about the size of the data or the huge budget to invest in it. It is about the experts you choose to be the partner for Big Data analytics in Indonesia.