Debunking Common Big Data Misconceptions and Myths

Big data is a tech buzzword with a lot of misconceptions surrounding it. We all know that big data and leveraging it properly can be the difference between sinking and swimming for an organization, but what it actually means to leverage it right has a lot of folks confused. And understandably so. Truthfully, big data as a concept is intimidating. Dealing with numbers and information at scale can be overwhelming if you’re new to the field and poorly equipped to handle them, so many shy away from dealing with it, hence the misconceptions. We’re here to clear the air on big data and share some techniques and strategies for analyzing and working with it properly. Here are six popular big data misconceptions debunked.

Big Data Does Not Equal Lots of Data

One of the most common misconceptions about big data is that it refers solely to massive volumes. While volume is an essential aspect and is more common than not, big data primarily focuses itself around the three Vs: Volume, Velocity, and Variety.

1. Volume: This is the one you’re most familiar with. Volume refers to the sheer amount of data that can come into an organization. Every website click, every form fill, every metric that comes in can be overwhelming. Hence the importance of volume. This is by far the most commonly thought of aspect of big data.
2. Velocity: Velocity essentially measures how fast the data is coming in. Some data will come in in real-time, whereas other will come in fits and starts, sent to us in batches. And as not all platforms will experience the incoming data at the same pace, it’s important not to generalize, discount, or jump to conclusions without having all the facts and figures.
3.  Variety: Big data is not just about structured data (like databases) but also includes unstructured data (such as text, images, and videos). This means that big data requires specialized tools and techniques to store, access, analyze, and visualize. While the provided data serves its purpose in our professional endeavors, it does come with added responsibilities. Analytical expertise is vital for decoding, managing, and harnessing this influx of information effectively.

Big data encompasses far more than just vast amounts of data. It presents opportunities to leverage both new and existing data, exploring innovative methods of capturing future data to truly impact business operations and enhance agility.

Is Big Data Analysis Expensive?

Is big data analysis expensive? It absolutely can be if you’re not smart about where you spend your money. It’s a common misconception is that working with big data requires massive budgets and expensive infrastructure. While it’s true that large-scale data infrastructure can be costly, there are cost-effective ways to approach big data analysis.

1. Cloud Services: Cloud providers like AWS, Azure, and Google Cloud offer scalable, pay-as-you-go solutions, for businesses with pricing in mind.
2. Open Source Tools: There are many open-source tools and frameworks available for big data analysis, such as Hadoop, Spark, and Apache Flink.
3. Managed Services: Managed data platforms and services simplify the process and reduce operational costs.

Choosing the right combination of tools and services based on your budget and requirements. Start small and scale as needed and you’ll find a cost-effective method of collecting, analyzing, and acting on your data at scale.

Does Big Data Guarantee Valuable Insights?

It is a common misconception that merely having access to big data automatically leads to valuable insights. The truth is that big data, in its raw form, is merely the foundation. To extract meaningful and helpful insights, it is crucial to employ the right analysis techniques, leveraging advanced data science methodologies and tools to delve deep into the intricacies and patterns hidden within the vast data sets. Only through such meticulous and in-depth analysis can the true value and potential of big data be realized.

The short of it is simple: you need to have a human that knows how to make heads or tails of the information once it’s collected. Otherwise you run the risk of getting nothing from your data or worse; you end up taking away the wrong lessons and make the wrong decisions.

Is Big Data Only for Big Companies?

Many small and medium-sized businesses think that big data is not relevant to them, that it’s something exclusively reserved for titans of industry at the enterprise level. This couldn’t be further from the truth. In fact, big data can be critical to helping smaller to mid-size companies grow.  With the right analysis, smaller companies can gain valuable insights into customer behavior and preferences, allowing them to create targeted marketing campaigns, optimize pricing strategies, and uncover new revenue opportunities. Furthermore, small businesses can also use big data analytics to identify efficiency gains in their operations.

Start small and focus on specific use cases that can deliver the most value. As you grow, you can expand your big data initiatives to other areas of the business.

Is Big Data a Replacement for Traditional Data?

Big data complements traditional data, but it doesn’t replace it. Both structured and unstructured data sources have their role to play in decision-making. Big data often helps to answer questions that traditional data can’t and gives insights into customer behavior and preferences. On the other hand, structured data allows for easier comparison and more accurate analysis than big data does. It’s important to use the right type of data to inform your decisions.

When used together, big data and traditional data can be used to provide a more comprehensive view of the market. This can help you make more informed decisions about which products or services to develop and how best to target customers. Combining these two types of data sources also allows you to gain a better understanding of customer preferences and behavior. Integrating big data analysis with traditional data sources gives a more a complete view of your business and your respective market.

 Is Big Data Only for Data Scientists?

While data scientists are essential for in-depth analysis, there are user-friendly tools and platforms that allow non-technical users to work with big data. This makes it easier for non-technical users to access and use the data as well. By using these tools, small businesses can leverage big data to glean competitive insights without the need for hiring a full-time data scientist.

Additionally, data dashboards are fantastic tools for companies looking to synthesize and make sense of large amounts of data without the need for a specialized data scientist to be constantly on-payroll. Our Fast Dash data dashboard platform is an excellent tool to help the lay person sort through copious amounts of helpful data your organization has on-hand.

Big data analysis is a powerful tool when used correctly, but it’s essential to approach it on a solid foundation. It’s very much the same as any aspect of business (or life for that matter): if you don’t know what you’re doing, you’re probably not going to do it right. Big data misconceptions are preventing entire sects of the workforce from embracing the tool properly.

Want to learn more about big data and misconceptions surrounding it? Feel free to reach out to us and start a discussion or check out our data assessment to see where your business currently stands in its journey to be truly data-driven.