Big Data is a smorgasbord of data. Even the marketing world has acknowledged the gravity of Big Data. But alas! Instead of having such a resplendent data power by our side, we are no closer to construct smart marketing decisions than before, when the concept was not well known.
So, something is definitely not right, right? Not all information derived from this industry is precise and to address this issue, I have highlighted five common misconceptions about Big Data. Know it, work on it and gain from it.
Misconception 1: Human touch surpasses automation
Entrepreneurs are the ones who pull their weight. The human effort they offer yields potential success for the firm, only if it is backed by meaningful data.
“One of the most common misconceptions is that people believe they will always outperform computers in their decision-making process. That may have been the case in the past, but with the complexity of today’s markets and the advancement of technology, this assumption no longer holds true,” says Victor Rosenman, CEO of Feedvisor, the pioneer of Algo-Commerce. He added, “All business owners are constantly required to make critical decisions, and the most effective decisions are not based on gut feelings, but on facts and data.”
Misconception 2: Data leads to more costs
Money makes a business. It is also the other way round. Using artificial intelligence, small business-owners benefit the most. AI saves time and money both, thus helps in raising the revenues. You need to understand that big data wouldn’t be enjoying the current hot seat status, if it was that expensive to implement. They are low on cost now, even getting lower. Moreover, besides being inexpensive, big data also aid in curbing other costs that the company would have to bear otherwise.
Misconception 3: Data takes the lead in big changes
“The view of cognitive systems as brains that automatically solve any problem is a popular misconception.” – IBM’s Brandon Buckner recently said. Integrated tools are mostly implemented to do stuffs like gauge human expertise and enhance human intelligence. By this, he meant that technologies actually support your business instead of taking the lead. With data, business-owners enjoy better decision-making capabilities, which is propitious for future business endeavours.
Misconception 4: Little data is too little to make any impact
Though big data arrests the glowing eyes, little data seizes the mind. Little data is a small set of data. We know that people always look for a bulk of information, but at times, quality is not what they seek. Sometimes, little data can do the job, which bulk data fail to do. The information in little data is more restrained, clean and unprecedented.
Misconception 5: Big data for big businesses
No more, you need to shell out ludicrous amounts of money to acquire big data technologies. Non- Fortune 500 companies are also introducing big data in their systems. And the best part is that it is no more confined to a single sector, it is omnipresent in almost every industry.
In 2011 McKinsey Global Institute report called “Big data: The next frontier for innovation, competition, and productivity” revealed: “The use of big data will become a key basis of competition and growth for individual firms.” Now it is 2017, so just think how big Big Data must have grown in size and scope over the past 6 years.