The increasingly used term "big data" refers to such a large collection of data that the volume is too large to be analyzed and processed using the existing hardware and software. The data may include records of business transactions, records of various employee activities as well as e-mails or photos. All the computers, phones, cameras and other devices connected to corporate data networks simply generate vast amounts of data that can help companies discover interesting contexts and possibilities of further development.
"Big data" can help you with decision making, but creativity and intuition are usually more valuable. Before you start using big data, read about two dangerous aspects which were published Inc.com
1) Danger of silly strategy
Every question involves some framework that predefines the answer you will get. If the question you ask is bad from the beginning, the answer you get will be much worse. Big data is probably being used in wrong ways even by Facebook or Microsoft, we might see results in a few years.
In the early nineties, there was a company that had so much data that now it can be called big data. It was the DEC company which made computers. That company had its own sophisticated strategy. The result of their extensive analysis was the prediction that PCs are just a fad and the computer industry would soon revert to its original form. That prediction was completely ridiculous, but it was taken seriously. The result of a bad question was nonsensical data. The company went bankrupt.
When you are working with big data, carefully avoid choosing questions which reflect your preconceived ideas about the market. Otherwise, your results will not reflect reality.
2) Big data does not see important issues
"Big data" misses unpredictable or unforeseen events which can have a huge impact. "Big data" is great if you want to examine the past and present precisely and in detail. It is good for targeting marketing, sales, development of product and targeting suitable strategies.
So if you ask good questions, everything is all right. But if you start to use data for predicting and determining unexpected situations, which can affect your performance, it is not reliable. For example, it is unlikely that analysis of big data available in 2008 predicted the rapid success of iPhones or the economic crisis. On the contrary, experts with access to data did not see it coming.
So you too should use big data wisely. Do not be afraid of using it, but think twice about it.
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