The new year is just around the corner, and for many businesses with big data plans or active projects, now is the time to begin thinking about what 2014 will bode for their operations. Yet even now, when analytics and business intelligence software and platforms have become a prominent part of most companies' day-to-day processes, some misconceptions still exist about how to go about making the most of such tools. Most of these myths pertain to the implementation or practiced execution of data initiatives, but some still exist regarding the theory as well, so to speak.
In order for real, tangible success with big data analytics and BI to be seen in the next year (and the foreseeable future), it will be important to first examine these remaining myths and debunk them, and then learn about how best to move forward properly.
Size isn't everything and other myths
In spite of the wisdom espoused by a cliched saying, bigger is not in fact always better. In terms of analytics and data, many businesspeople take the term "big data" in the most literal sense and think it's all about volume. However, Readwrite reported that the other two Vs of big data – velocity and veracity – are much more important than size alone. All the information in the world will not mean a thing if it cannot be put to some use that is ultimately revenue-generating.
Additionally, although there's been a great deal of fuss over the use of Hadoop and related open-source platforms in data projects, it is not the be-all end-all. The source stated that NoSQL and other software platforms can be just as useful. Last but not least, big data isn't a cure for all common business ailments – it needs to be applied to problems that can be addressed specifically through the measurement of metrics.
Big data only bound to expand
Renowned research firm Gartner recently released a report entitled "Big Data Adoption in 2013 Shows Substance Behind the Hype." The title alone speaks volumes, as one of the common criticisms of big data was that it was a fad that'd eventually fade away.
More specifically, Gartner found that 30 percent of the enterprises it surveyed had launched big data initiatives and 34 percent were going to do so by 2015. Those figures both increased by 3 percent from their 2012 totals. At the same time, many of those who had or were about to adopt big data were still trying to figure out how best to apply it. The first step would be to steer clear of the myths detailed above.