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There is no question that one of the biggest opportunities for businesses is Big Data. From improving customer experience to optimizing business operations, big data has massive potential.
However, with the amount of data doubling every 18 months, and with that time period compressing with each passing day, we also have to consider the biggest challenges/dangers of big data. In my perspective there are two.
1. Failure to launch: With so much data, both structured and unstructured it is easy to become stuck and do virtually little or nothing with the data available.
2. Data Bias: Endless data can often be manipulated to tell us what we want to hear instead of giving us the best information that the data can provide. We often skew the data to provide a desired outcome.
The companies that are able to best leverage big data and turn it from the “Raw Resource” that it is, into analytics, insights and business intelligence will be in a great position to set themselves apart. However, if we simply look for the data to tell us what we want to hear. Too often we may find just that, however, just because we found it, doesn’t mean it was truly the best information the data can provide.
My take on the challenges of big data and the dangers of using data to support your perception of the world.