What is “Big Data”
One of
the fundamental problems with “Big Data” is the fact that there really isn’t one
unanimous definition for it. Ask 30 IT
professionals to define it and you’ll get 30 different answers. As you can see in this graphic by Intel, big data is not
only involved in the amount of data but can incorporate complexity of the
information and the speed at which that data is needed.[1]
For the
simplicity’s sake lets use the definition that was attempted by Jonathan Ward and Adam Barker at the University of St. Andrews in Scotland who attempted to gather all of the
various definitions of “big data” and put it under a collective roof.[2] They define big data as
“Big data is a term describing the storage and analysis of
large and or complex data sets using a series of techniques including, but not
limited to: NoSQL, MapReduce and machine learning.”
So now what?
Even if we have a clearer picture of what big data really is (which one
could easily make the case that we are lightly skimming over) what good is
obtaining all of that information and using all the firm’s resources when you
can’t properly utilize the information gathered?
It is fairly evident that big data has the potential to
transform firms, improve decision making and ultimately improve productivity
within a firm.[3] More and more companies
are catching onto the notion that many of the problems from the “old school” of
thinking, utilizing “hunches” and going off our “gut feel”, often leads them
falling into the human biases and heuristics that have led to some of the
biggest business mistakes in history.
So
it’s no surprise that companies are pouring millions of dollars into ramping up
their IT and Analytic departments to gather vast amount of data in helping
them make more informed decisions. But what’s
the point of this endless collection of data if the majority of the information never
gets used or used in a meaningful way that leads to actionable decisions being
followed through?
Big Data Implementation
Issues at its core, is a Personnel Issues
One of the major reason firms are finding it
difficult to implement the data is due to the shortage of qualified individuals who can
interpret said data.[4] Without that, big
data just becomes yet another data set that executives still end up using their
“gut” or “intuition” as the basis for their decision making process. Hiring data scientists who have a background
both in statistics, computer science along with some functional expertise is
hard to come by. It’s not a technology issue, it is in a large part a personnel
issue.
Data Silos
Data Silos
Most firms are set up to collect the data points
and store them in their various departments.
Without proper planning, most data that becomes collected paints only a
portion of the full picture. This is yet
another implementation issue that is rarely seen through. Many companies will start the process of
collection without having the end results in mind. To fully utilize the impact of big data, it
can’t be skewed due to the lack of availability or transparency between the
functional silos.
Actionland
Many individuals who work with web analytics are
familiar with Brent Dykes
and his teaching of moving from Setupland to Actionland.[5] Many
of those same reasons why companies fail to move on web data can apply to big
data in general. Individuals who present
data are a dime a dozen and in fact are merely a third party by which a
software or other form of technology interacts with to get to the end user.
What is needed are more data scientist to who will produce actionable insights from the raw data collected into concise, coherent and actionable suggestions that executives can use to better make their decisions. This is key in realizing the potential that big data brings to firms. Again at its core, this is not a technological issue but rather a personnel one.
What is needed are more data scientist to who will produce actionable insights from the raw data collected into concise, coherent and actionable suggestions that executives can use to better make their decisions. This is key in realizing the potential that big data brings to firms. Again at its core, this is not a technological issue but rather a personnel one.
References:
[1] http://www.intel.com/bigdata
[2] http://arxiv.org/abs/1309.5821 Undefined
by Data: A Survey of Big Data Definitions
[3] http://www.kaushik.net/avinash/big-data-imperative-driving-big-action/
[4] David Mielach. "Shortage of Analysts Challenges Big Data Implementation" Business News Daily, Jan 23, 2013
[5] http://www.analyticshero.com/2012/06/05/web-analytics-moving-from-setupland-to-actionland/
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