3 November, 2016
You Don’t Need Big Data — You Need the Right Data
The term “big data” is ubiquitous. With exabytes of information flowing across broadband pipes, companies compete to claim the biggest, most audacious data sets. And businesses of all varieties — old and new, industrial and digital, big and small — are getting into the game.
Masses of social, weather, and government data are being leveraged to predict supply chain outages. Enormous amounts of user data are being harnessed at scale to identify individuals among a sea of website clicks. And companies are even starting to leverage huge quantities of text exchanges to build algorithms capable of having conversations with customers.
But the reality is that our relentless focus on the importance of big data is often misleading. Yes, in some situations, deriving value from data requires having an immense amount of that data. But the key for innovators across industries is that the size of the data isn’t the most critical factor — having the right data is.