Rims and rims of data generated by us and machines everyday. But they do not amount to a hill of beans unless useful insight results. By useful, I mean actionable information that actually improve our lives.
Examples of Big Data impact include health care savings, weather monitoring & forecasting, and customizing business tools. But these are pockets of excellence. The jury is still out on the overarching success and timeline of the Big Data.
First of all, more does not mean better. It only means more: more costs in storage, processing, security, etc. Further, quantity does not replace quality. Data by themselves does not provide meaning. It takes human interpretation.
And we don’t always get it right. For instance, Big data was credited for the Obama’s 2012 re-election victory. How effective the analytics were utilized in that campaign. Clinton campaign followed the same strategy but lost to Trump.
While scratching our heads on making sense out of the Big Data, problems such as data hacking, identity theft, and fraud make such task even more challenging. Eventually, we will get there with the Big Data. But we are not there yet.
What is your take on Big Data? Friend or foe?