A Guide To Big And Small Data

Whether you work with big or small data, you can use it to help stakeholders improve business processes, answer questions, create new products, and much more. But there are certain challenges and benefits that come with big data and the following table explores the differences between big and small data.

Challenges and benefits

Here are some challenges you might face when working with big data:

• A lot of organizations deal with data overload and way too much unimportant or irrelevant information. 

• Important data can be hidden deep down with all of the non-important data, which makes it harder to find and use. This can lead to slower and more inefficient decision-making time frames

• The data you need isn’t always easily accessible.

• Current technology tools and solutions still struggle to provide measurable and reportable data. This can lead to unfair algorithmic bias. 

• There are gaps in many big data business solutions.

Now for the good news! Here are some benefits that come with big data:

• When large amounts of data can be stored and analyzed, it can help companies identify more efficient ways of doing business and save a lot of time and money.

• Big data helps organizations spot the trends of customer buying patterns and satisfaction levels, which can help them create new products and solutions that will make customers happy.

• By analyzing big data, businesses get a much better understanding of current market conditions, which can help them stay ahead of the competition.

The four V words for Big Data: