I came across this cartoon the other day and I laughed because at my new gig, this is the question that rules the day around here. Big data is transforming industries, and has been for quite some time. Even so, companies often doubt the integrity of information provided by big data. Is big data just an inflated trend? If it is, why are companies continuing to act on tools that are not giving correct information?
At Pramata, we’ve found that big data fails to tame data chaos. Companies need to harness clean, accurate, and precise data. Big data attempts to harness all data, but it does not always provide the necessary information. This data can be valuable, but concrete, precise, and timely information is much more useful.
Most companies underestimate how hard it is to capture relevant data using big data solutions. Crucial information can easily get lost in the midst of less important data. And even when these solutions do work, a lot of times they leave gaps in knowledge from customer contracts. In the long run, these losses can add up to missed revenue opportunities.
What’s more, is that CEOs and CFOs alike don’t generally have faith in these solutions in the first place. In fact, KPMG found that more than half of CEOs do not trust the data they are basing decisions on. It begs the question, why are companies continuing to use big data if they aren’t getting the desired results?
Make no mistake, companies will continue to try to harness all the information they can. But there is a certain power in accessing precise and concrete data exactly when you need it, where you need it. Big data has transformed industries, but if it fails to give any context or meaning to data, and doesn’t uncover the right data so that companies can go after revenue, what’s the point? So, next time you are struggling to find the data you need, ask yourself, is this all just bog data?