Busting 3 Myths associated with Big Data
Data is referred to as the collection of facts including numbers, observations, statistics, words, etc. that are translated for computer processing. It is the most promising element for enterprises as it provides them the potential to emerge as market leaders with improved decision-making and efficient management of marketing efforts.
According to statistics, a large volume of data is generated every day. It is predicted that by year 2020, 1.7 megabytes of information will be created for every human per second. This will considerably expand the digital data universe from 4.4 zettabytes to 44 zettabytes approximately.
The respective statistics point towards the need and importance of incorporating big data technology for modern-day enterprises. Big data solutions hold big promises for all enterprises as they provide insights that drive business revenues and eliminate gaps in service and products. Though the technology is determined to surge business productivity, it is burdened with numerous myths like any another technology in this information age.
Here are some myths related to big data:
- Big data is all about Volume
Volume, Velocity, Veracity and Variety are the four characteristics (4 V’s) of big data that determine the analytics process. But a popular myth places Volume or size as the technology’s prime defining dimension. According to technical experts, all other characteristics are equally important. The velocity of data determines the speed of data processing while variety increases the understanding to provide an innovative solution.
- Big data needs big budgets
Surveys claim that big companies and enterprises are investing heavily in big data solutions. This has added to the myth that big data is an expensive technology. Though it is true that employing highly skilled data scientists and professionals is an expensive affair, we cannot conclude the technology to be an unreasonably costly investment. According to technical experts, the increasing popularity and usefulness has influenced big data service providers to reduce the licensing costs of big data tools. Since cloud computing is also enabling big data technologies on their platforms, big data services are increasingly becoming affordable for all enterprises.
- Big data will eliminate the need of human skills
Though the big data domain is flourishing with automations and integration of other technologies (AI & ML), it is unlikely to replace the role of human analysts. According to experts, too much reliance on algorithms and analytics can be challenging. They can provide insights but are unable to produce valid explanations. Thus, an enterprise needs highly-skilled professionals who can provide explanations and recommendations in accordance with the business needs and objectives of enterprises.
According to IT experts, big data is a misapprehended technology encircled with various myths. Thus, it is important for enterprises to validate facts against these myths in order to increase their business’ flexibility and save precious resources from getting wasted.