Myth 1 :- Big data is for Big Enterprises only
Big data is not the playground for Big enterprises. It is can give benefits to all kind of organisations those which are willing to go in depth to understand business problems, ever changing business dynamics & customer preferences. All you need is the willingness to explore more and reach that extra mile to satisfy the customer and make good business.
Myth 2 : Big data needs huge investment
Yes. It was true till some time back during the period when IT can run only by acquiring expensive hardware & software. But in this cloud era, the more you are specific about your requirement, the more you can have control on expenses for IT resources required.
Myth 3 : Big data is Complex to Implement
Big data is complex if you don’t have well defined requirement about what you need from that. You should be able to clearly define what you want to achieve from Big data and it should be documented properly. After that same information needs to be passed on to the Consultant. You should know on how to evaluate the project cost vs the business benefits you get. Several peoples over emphasise the requirement and end up with huge investment and uncertainty of project completion. Instead they can simplify their requirement and focus on completion of their project through freelancing channels.
Myth 4 : ROI in big data is very less
Big data should not be consider as future investment of the organisation. Your big data goals should be aligned with your current business objective. Then only you can measure ROI at specific intervals.
Myth 5 : Big data only deals with historical data
Several people think about big data helps to analyse the information from historical data which was produced by their ERP & CRM. Social Media’s changed this kind of scenario. Customers are engaged through social media’s like never before. Organisation can harvest this data from Twitter, Facebook, Google+ etc to know about what customers and bloggers are thinking about their product and their field. They can also collect data from several market research firm to get more insights about their industry.
Myth 6 : You need to be a technologist to understand big data projects
As IT is becoming a commodity product and Cloud computing played a very important role on this. IT is no longer a jargon to users. Users are well aware of the basic computing knowledge. Cloud computing simplified the complexity of IT. Hence Business Leaders needs to focus only on the functional objective they need from big data. Consultants can translate them into IT Infra and ensure they deliver the results.
Myth 7 : Big data only involves with ERP & Financial data
Big data doesn’t necessarily involve only ERP & Financial Data. It can include any data in the raw format and analyse them to find out the answer for your questions. Your entire organization email data can be used to find out which topic your employees used most in Email discussion. How many users are using Email during Holiday times. Words in each mail, so that how much time users are spending on drafting the mail, etc.,
Myth 8 : Big data consume more management time
It is not necessary for Management to devote more time for big data project. They define only the question for which they need answer. Functional experts can enlarge them. Consultants will work on the project, select required data and take output from them.
Myth 9 : Business Intelligence is sufficient for SMBs
Business Intelligence generally involve with ERP Data. But big data can answer several questions in different aspect. In today’s competitive business landscape you to look the business in different angels along with Financial aspect.
Myth 10 : Big data will help only Trading business segment
As business is the primary objective of any organization. Hence big data can help them to dive in to the ocean of data collect the pearl. Apart from business use, Big data are widely used for educational & scientific research.
A car fitted with sensors can reveal information about air dynamics in entirely new dimension.