Why bigger data sets don’t mean better insights

‘Data is the new oil’ is a term coined in 2006 by British mathematician Clive Humby. It has become a widely used term that mainly means that if your organization has access to large amounts of data, you can use it to support decision making and drive results.

While there is great truth in the fact that access to data can lead to greater business intelligence insights, what companies actually need is access to β€œgood” data and the insights within it. However, knowing what makes data valuable is something that many still struggle with. Because considerations often include factors like quantity, age, source, or variety, not truly understanding what type of data is good for the business means it’s easy to get lost in data sets that are ultimately of poor quality and bad for decision-making.

The major costs of the wrong big data