There have been many talks about Big Data lately and one can only wonder if there is a limit when it comes to the power of predictive data with all these analytics available. Last time, I have blogged about creating big data initiatives for business success and yet, looking through the lens of an entrepreneur, there are still plenty of unexplored terrains where the topic is concerned. Should we simply embrace the idea that big data is here to stay? Is the trend reaching the peak of inflated expectations where matters of security is concerned? At the end of the day, data gathered is not really the real business driver, but the insights and intelligence that rise from this. It will always transcend beyond size.. to the impact these data will have, whether the raw volume of data is big or small.
What You Should Know About Big Data
With the influx of investors wanting to take a piece of the big data cake, it’s not a news anymore to find venture capitalists pouring millions of dollars into firms creating products whose goal is to manage this so-called big data. Does big data mean big business? It’s too soon to tell. Right now, one thing is for sure: Businesses will always look for better ways to store, manage, analyze and integrate data to help them reach their goals. With the advent of cloud computing, mobile technology and social media platforms – it’s all a matter of time when everyone gets more comfy with the idea that big data isn’t a hype, but a hope for those who are targeting global markets in a down-sized economy.
Given this circumstance, you need to know that data these days can come from virtually anywhere. The real value here is how you can capture what’s important and analyze it to drive efficiency to your business. For this to happen, you will need to find the right person who knows how to work the tools of the trade, so s/he can come up with the right data, of filtering through the clutter. This onslaught has surely paved the way to a renewed interest on predictive analytics, of finding value in an era of widespread data – to finding ways in solving big problems before it can happen in real-time.
When Big Data Enters the Dark Side
A couple of years back, big data is used by credit-rating companies in an effort to build a monster database about their clients. Access to this rich customer data is like joining an elitist club. Today, big data is more strategic. Just take a look at Facebook who recently offered an IPO and is valued in the billions simply because it’s a big treasure cove of valuable data that will unlock the secrets of selling to a wider demographic. I’d rather say ‘Welcome to the stalker economy’ and there’s no such thing as free. People these days are willing to give out personal information in exchange of free products. Yes, technophiles may be excited about the potentials of big data, but it’s like appreciating carbon energy and its huge supply… until ice caps melt. What we created as a gift may be our burden, and the cost may be higher this time.. where knowledge is concerned.
We may argue for the customer’s sake as we use big data to drive a customer-centric business. Yet, are we reaching the end of privacy? Or more likely, will we risk our privacy to pay for the price of big data? Knowledge do come with power and this time, it’s not really about the data we will gather.. but how we put it into use. The risk may be higher and this time, there’s no turning back.
Are you ready to walk the fine line between what’s right according to the data you’ve examined… and what you feel is right?