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Guidance and results for the data-rich, yet information-poor.

Feel Free to Ignore Big Data in 2013

DataIn Inc.’s special report “How (and Where) to Make Money in 2013 (and Beyond)”, Erik Sherman presented 5 trends he feels you’d be wise to ignore in 2013. One of the trends he’s down on is big data.

If you’ve been paying attention to the news, you’ve likely seen the big data buzz. It’s everywhere. But the truth is, big data analytics is not practical data analytics that most businesses will need to employ regularly.

Big data is, as its name suggests, incredibly large. It could easily encompass millions or billions of data points. Sherman gives the excellent examples of Google searching for trends or machine-based weather prediction as practical big data applications. Unless either is in the scope of your business, don’t bother wasting time figuring out how to big data will help you.

Sherman eloquently says, “That level of data analysis is probably nowhere near what you need for your business. Most decisions are built on small data: dozens or hundreds or maybe thousands of data points. If you don’t have systems in place that let you regularly and predictably make effective use of the data you already have, then looking at big data is like saying you want to jump into the ocean to avoid getting damp from a summer shower.”

So what do you need? You need an understanding of data mining and predictive analytics, and how to put them to work for your company. If you are unfamiliar with either concept, see this definition and these practical examples of data mining. Data mining and predictive modeling can ensure you’re gaining actionable wisdom from your existing data.

To get started on the road to data mining and predictive analytics practice, register for a free one-hour webinar with The Modeling Agency. Ready for a more comprehensive education? Join The Modeling Agency for an in-depth training session.

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