Big Data & The Law Of Diminishing Returns - InformationWeek

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Big Data & The Law Of Diminishing Returns
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pfretty494
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pfretty494,
User Rank: Moderator
12/7/2015 | 2:03:36 PM
Returns don't have to be fleeting
As long as your use of big data continues to grow with your maturity level there is no reason why the returns would have to be fleeting. Even in many of the touted case studies, most businesses are only using a fraction of the potential within analytics. It really depends on organizations being open to the potential. Peter Fretty, IDG blogger for SAS
kstaron
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kstaron,
User Rank: Ninja
11/30/2015 | 9:03:14 AM
3 lies of the world
A professor once told me there are 3 types of lies in this world; White lies, Damnable lies, and Statistics. Poor use of data can lead to a stack of lies your company ends up relying on. You might find correlations but until you've used proper judgement you don't know if those are causal or both rresulting from some unmeasured metric. Be careful with what you do based on collected data until you really know what you do know (and what you don't).
Broadway0474
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Broadway0474,
User Rank: Ninja
11/29/2015 | 9:32:36 PM
Re: Like anything else that is new
Gary, any higher ed institution trying to find its purpose in the post-MOOC world ought to really consider what you said. They can't crank out enough PhDs. But they could create specialty MBA or master's of science programs to fill the void of data-driven decision makers.
Gary_EL
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Gary_EL,
User Rank: Ninja
11/29/2015 | 6:58:30 PM
Re: Like anything else that is new
I'm certainly no data scientist myself, but I do some work researching general Internet of Things (IOT) topics. Businesses are now or soon will be deluged with a VAST amount of information from many, many sources. There probably aren't enough PhD mathematicians in the world to do that data justice. It is almost inevitable that poorly qualified individuals will end up trying to make sense out of that data, and do a poor job at it
Broadway0474
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50%
Broadway0474,
User Rank: Ninja
11/28/2015 | 9:59:29 PM
Re: Like anything else that is new
Wow, a lot of good nuggets of information in this article. Well done. For the 62 percent of people working on big data who don't know what they're doing ... are these people with the title "data scientist" or are they the managers getting the reports from the big data algorithms. If it's the former, that's even scarier. 
Gary_EL
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Gary_EL,
User Rank: Ninja
11/27/2015 | 9:02:18 PM
Like anything else that is new
This doesn't surprise. Business people can be like children with a new toy - they just want to open the box and play. Never mind about reading the instructions, or allowing someone else to interpret them and read them to you. The good news is that unlike that new toy, big data won't be destroyed. But a lot of time will be wasted and much frustration will ensue.


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