Big Data is often hyped as the Next Big Thing, with fans claiming outlandish benefits for firms willing to use it. Yet, in many cases, companies enter into the world of Big Data without a coherent plan of what they want to achieve, and accordingly make some costly mistakes.
One of the problems is that the geeks who work with Big Data generally do not understand the cut-and-thrust of the business world, where pragmatism is often a huge virtue. Conversely, many smart, successful business people have no idea how data analytics works. This communication problem often means that clients and companies end up talking in woolly generalities, about “business transformation” or some equally vague term, and missing out on the advantages of Big Data.
Some of these problems can be avoided, however, by the implementation of a few basic steps. Let’s look at some.
1. Be Willing to Experiment
If you are thinking about adding a Big Data component to your business, it can be helpful to see this as a process of experimentation. This means two things. First, you should not pin all your hopes for the future on data analytics. Second, be open-minded about the possibilities of Big Data – what you …