2013: Why you are not likely to come across many Big Data success stories
Pick any technology forecast for 2013 and chances are very high that Big Data will find a place in that. And there will be a discussion on the big opportunity provided by Big Data.
But, let me give you 2 reasons why you will not come across too many Big Data success stories …
Reason 1: Competitive Advantage
Key proposition of Big Data technologies is the ability to analyze large data and provide you with insight which can then be translated to (1) more sales, (2) lesser cost or (3) better service.
The assumption is that such insight would not be available to you using traditional techniques.
Without getting into the technique or the feasibility of how such insight might be obtained, let us just assume that you have got such an insight.
What is the chance that you would share it with the world?
I would say that it would be close to zero.
The insight which you would have obtained will be a clear competitive advantage … would you not like to keep it a top secret?
Reason 2: Fooled by Randomness
Vincent Granville, in a post, has explained this beautifully. Here is what he says:
…when you search for patterns in very, very large data sets … you are bound to identify coincidences that have no predictive power – even worse, the strongest patterns might be entirely caused by chance…
I do not think I could have said it better! It is almost like looking for a needle in a haystack!