3 Myths of Big Data
Big data. With any new innovative strategy in business, there can be bits and pieces that get lost in translation and misconceptions which people treat like gospel. Maybe some of what you’ve heard has even kept your company from making that first step toward better understanding through data.
Here are three of the biggest myths that surround big data and why they’re wrong:
#1 Your Company Doesn’t Have Enough Data
Since it’s true that big data has worked wonders for enterprise companies with long histories and reams of information to investigate, it’s an understandable misunderstanding that big data requires large amounts of actual data. Every business has puzzles it needs to crack, gaps they are not seeing, whether that is figuring who their true demographic is, if their marketing dollars are being wasted, or if their ad spend is being allocated appropriately to grow the top line. In fact, as a decision maker for the company you probably know the issues you’re trying to solve.
And every business has a lot more data than they know. Most businesses have data sets ranging from foot traffic, to employee hours, sales to social media that analytics experts would love to get their hands on. Data sets of any size can benefit from big data advanced analytics to create actionable insights for company management and marketing decisions.
#2 It’s All Too Theoretical and Abstract
Sure, many businesses think a lot of pretty graphs and complex numbers will be the outcome when everything is done, but how will the charts and graphs provide actionable insights that actually affect the cash register, how do the results show how to look around corners for future growth? Of course, we see the real-world application of big data all around us, ever wonder how Google seems to know exactly what you’re searching for? Analyzing the information that companies have available has been shown to be effective in myriad ways.
The use of big data allows a thorough and precise dissection of businesses, but it also produces clear, actionable steps that can be taken. While the process can be exceptionally complex to the decision maker, the end product will spell out paths in layman’s terms that don’t require a working knowledge of analyst jargon. This can range from something as clear-cut as ad buys all the way up to more gray areas like employee satisfaction.
#3 The Results Will Require Too Much Work
It is true that some of the changes big data will suggest may seem fairly daunting. Depending on what you’re asking for, and what answers you receive, you could be looking at some full-scale overhauls in certain areas of your business. But one of the greatest strengths of big data is it’s quantitative accuracy. Numbers don’t lie, making gut based decisions can be a disaster for a CMO. Without big data odds are good you will end up wasting time and money, and spending valuable time on trial and error.
This is the kind of guesswork that ends up being far more stressful, expensive and exhausting without any guarantee that you’ll end up with a solution to your situation. Big data has the promise of huge, beneficial changes through small, incremental steps that this analysis can provide. And fast! Big data allows you to see where the tiniest alterations to your business can reap game changing rewards.
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