When Big Data Is a Big Waste
Contrary to popular belief, engaging in big data doesn’t always yield big information. Without the right questions in mind, big data can turn out to be just a big pile of numbers and nonsense. Even worse, big data can be a waste of time and resources if the data is just sitting untouched on a server.
The easiest way to understand when big data is being wasteful is to understand a truth that may be hard for some to swallow: data costs. Whether it is a financial cost or a cost in terms of time or opportunity, data costs. If your current data collection methods are overwhelming and you find that your organization isn’t using a lot of the data being gathered, then maybe it’s time to reconsider the scope of your big data agenda.
But, let’s assume that you are occupying at optimal capacity with your big data. Here is the next logical set of questions you should be asking yourself (if you haven’t already). Do you understand why you need big data and how it can help to drive your business forward? Better yet, are you even sure you understand the fundamentals of your organization in the larger scheme of the industry?
Are you settling? Consider if you are asking the right questions for your company, or if you are only asking the questions you know that have available answers. If this is the case, your big data might end up being just a big waste of time, because it either isn't answering the hard-hitting questions or it is just reiterating what you already know.
Remember, big data can be worse than not helpful; it can be harmful. Consider Facebook, which misunderstood the golden rule of big data: to understand why, rather than what. A few years ago, Facebook misunderstood how to interpret some of the data it had gleaned from its masses of users. The result was mostly people overlooking the failed launch of Facebook Gifts, and for others it resulted in one of the worst things a company can experience: A loss of consumers due to negative emotions attached to the product being presented.
Lastly, one of the greatest benefits of big data, and why most people need it as part of their business operations, is because it provides the ability to be proactive rather than reactive. If you or your organization aren't using big data to predict trends, understand why, or it is just going mostly unused, then it might be time to reflect on the reality of your situation: Your big data is nothing but a big waste.
