The idea and concept of “Big Data” has been around for a while now, however it seems there are many people who still believe it is shrouded in mystery. Therefore, in the following post we are going to debunk some of the top big data misconceptions.
Every business has access to data, from transactional, mobile, financial and behavioural data, to customer research data and social media data. What’s more, as technology evolves and buying trends change more and more data is becoming available. However, it is the ability to transform all this data into actionable insights that is invaluable and is the definition of “Big Data”.
Analysing big data enables businesses to monitor trends and adjust their strategies accordingly. It aids the creation of new products and services in relation to increasing customer demands. It also provides detailed insights to help you cut unnecessary costs and invest cash where it has the potential to increase your ROI.
Yet, businesses continue to doubt it.
Here are some of the top misconceptions debunked:
It’s all hype. Big data is much more than just a fad, it’s very much here to stay. The value in which it can provide a business is astounding and it’s been reported that in the next two years, 73% of marketers plan to implement a big data analytics solution within their business. Why? Because, analysing and reporting on accurate data helps you create roadmaps, projections and forecasts that enable decision makers to set budgets, targets, identify trends and ways of making improvements.
To remain up to date and ahead of the competition in the ever changing world of business, it is more important than ever to get on board with big data.
It’s the IT department’s responsibility. Ensuring there’s an intelligent solution in place; capable of analysing your data may partially be the responsibility of the IT department in terms of implementing the solution. However, it is the responsibility of everyone within an organisation to use the systems in place accordingly, to input all relevant data and to highlight any anomalies. This includes the finance, sales, and customer service teams, along with the marketing department, since according to an article on Teredata.
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