Big Data is one of the fastest-growing technology trends that has revolutionized the way businesses operate. With its potential to extract valuable information from huge data sets of companies, it plays a main role in achieving the desired business growth with smart insights. IDC predicts that revenue for Big Data & Analytics solutions will reach $189.1 billion in 2019, a 12% increase over last year. As Big Data is an evolving technology, there are common myths associated with it.
Let’s debunk those myths with the corresponding facts to make proper use of Big Data Analytics & unlock of power of valuable insights.
Myth – Big Data is All About Size: Fact- Big Data is often characterized by 3 V’s – Volume, Variety & Value. Even though handling the massive amount of data is one of the main factors of Big Data, that doesn’t mean we should consider volume only. Since data comes in various forms, a quick analysis of it can cause errors. Apart from considering only the data size, variety and value must be kept in mind to avoid high cost, storage issues, and errors.
Myth- Only for Big Companies: Fact- We cannot deny that many multi-national corporations are investing a huge amount to set up data centers for big data implementation. In the beginning, employing experts from top big data companies used to be a costly task due to high demands & fewer resources. However, Big Data’s usefulness made vendors like Apache to reduce its license cost for the tools making services available at a cheaper price. Cloud computing has also enabled small organizations to use big data at a lower cost.
Myth- It Can Predict the Future: Fact- One cannot predict the future of business through data. Big Data comes into action only by analyzing the past to foresee the future happenings. The predictions made are completely based on probabilities, which is why there is always a chance of error. However, the forecasted result may be more accurate if there is more relevant data. No matter how sophisticated statistical analysis you are using, big data cannot guarantee correct prediction.
Myth- Data Scientists’ Work will be Replaced by Machines: Fact- Though AI and algorithms enable organizations to analyze data, automation works best when it is combined with human data science capability. Data scientists’ work cannot be replaced by machines, as the combination of smart machines and people allow firms to interpret data. Data Science deals with multiple skills like data preparation, manipulation, analysis & business engagement that are not present in a single individual. The data scientist will play a leading role in meeting organizational demands for big data development.
Myth- Big Data Relates Machine Learning Concept: Fact- Machine Learning works in collaboration with Big Data to provide valuable insights. However, it will be wrong to say that the concept of big data is related to Big Data. Machine Learning uses data to model the underlying process for better utilization. Its whole process depends on Machine Learning algorithms that help to parse data sets & apply that was learned through it to make meaningful choices.
Myth- Big Data can Replace Warehouse: Fact- Data Warehouse and Big Data are completely different things, having their separate set of requirements & applications. Big Data is technology while Data warehouse is an architecture, which means one cannot replace another. Big Data helps in storing and managing a huge amount of data to use them for big data solutions at a reasonable cost. However, Data warehouse works as a framework by organizing & consolidating data from different sources to provide a single version.
Myth- Big Data will Remove the Need for Data Integration: Fact- To process information, Big Data technology makes use of ‘schema on read’ approach, which enables companies to use multiple data models for reading the same sources. The assumption is that it brings flexibility allowing end users to interpret the data assets on demand & provide data access as per individual needs. However, in real life, users rely on ‘schema on write’ where data is described effectively along with content prescribed and there is data integrity along with their relations to the situations.
Closing Statement: Big Data has a long way to go! Use your own business data to make your organization more data-driven with informed decisions. Don’t let the myths of Big Data stop you from unlocking the true potential of analytics and advanced insights. Big Data may be a new concept for some organizations, but its proper adoption will lead to better customer satisfaction and business decisions thereby, increasing more sales. Don’t just collect data, move forward towards a data-based decision-making approach with reliable Big Data Analytics Solutions. Get in touch with the data experts today to take complete advantage of Big Data. The sooner you start using the big data services, the sooner your organization will reap the immense benefits.