5 Big Data Myths Exposed
Don’t Be Fooled By These Big Data Myths
Big Data is a hot topic amongst large companies of all types. Being relatively new in terms of having practical business applications comes with both being held in high regard and facing a large amount of skepticism. Some are overconfident in its ability to deliver value and others very critical and resistant of its use. Understandably, as a business looking from the outside in, things can get confusing, and a fair amount of apprehensive distrust can arise. To combat this, we have compiled a list of Big Data myths that have been debunked in hopes of reassuring potential clients with concerns and to provide more information for a more comprehensive understanding of Big Data and how it can help both larger organizations and SME’s.
We hope you enjoy our list of five Big Data Myths debunked!
Myth 1: Big Data is just the next fad
With all the hype and praise around Big Data recently, skeptics are surfacing. Many are concerned that Big Data may just be a fad and, after the initial buzz wears off, Big Data will run its course and fizzle away. This is not proving to be the case. Recent studies have shown that data growth is going to leap forward with 26%-50% growth expected in the next year, and some are predicting an even more substantial data growth up to 200%. Big Data is not only here to stay, but with this expected growth rate, many businesses will be utilizing the benefits that come with it. With Big Data and newly designed cloud-based software, companies will have the data and the tools they need to improve business plans, develop better strategic and efficient marketing strategies, and achieve their higher goals.
Myth 2: Big Data produces information overload
If misused, Big Data could create information overload. It could become easy to get distracted and off topic if there is far too much information generated to take in comprehensively or the data leads toward irrelevant facts. However, there is an easy fix. Parameters need to be set, and distinctions made as to which data is useful and relevant and which is bogging down the business. These distinctions should directly line up with company plans, strategy, and goals. Don’t shy away from Big Data from the fear of too much information. Big Data can be used in a strategic and precise way to benefit the business. Increase in knowledge will expose more relevant and productive marketing strategies as well as give insights into optimal solutions to reoccurring problems that are hindering company advancement.
Myth 3: Big Data needs a big budget
The usefulness of Big Data is immense, but company expenses for using big data does not have to be. Now tools and services are becoming readily available for a reduced cost to expand. With big data comes the tools and software needed to both store and analyze the data. Knowing that helps debunk the assumption that only big companies can afford big data. This is not so. Recent developments in cloud computing and data management tools have decreased the cost and bridged the gap between Big Data usage and SME’s. Hadoop utilizes open source software through the cloud, providing small businesses with the most affordable tools they need in order to manage Big Data. There are other cost-effective options as well: virtual Hadoop platforms, like Qubole, remove substantial costs of physical servers taking up valuable warehouse space, and there are also hybrids of Qubole and cloud-based Hadoop like systems.
Myth 4: Big Data is for Big Business
While most companies that utilize Big Data are larger enterprise organizations, they aren’t the only ones reaping the benefits. As cloud computing and related technologies improve, big data has become more accessible and relevant for mid-sized to even smaller businesses. With access to the cloud and other affordable software servers, the myth of ‘big data equals big business’ is no longer scaring SME’s away. Companies of all sizes can utilize the advantage of Big Data, optimizing their productivity. While smaller businesses usually have smaller outreach due to fewer resources, the affordability of Big Data enables them to multiply their resources and magnify their outreach.
Myth 5: Big Data is insecure
Big Data operating on the cloud raises concerns for some about the security of corporate information. The thought of precious business data and sensitive information floating out in the cloud for data hacks to prey on is alarming some executives of companies of all size and causing them to shy away from Big Data. However, nothing is floating out in the cloud waiting to be snatched up. Quite the opposite. Security measures are improving the protection of information stored in these cloud-based servers daily to ensure that businesses are protected, reassuring clients and removing the myth: Big Data is insecure.
We hope you enjoyed our list of debunked Big Data myths and gained some reassured confidence in utilizing Big Data services for your own business. New technology and change always come with pushback but the ones who can differentiate fact from myth and utilize business enhancing technology capitalize on the rewards.
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