The Risks of Mishandling Big Data

When using data to make business decisions, companies must understand that having a lot of information is not the same as having real, verified and high quality information.

Thursday, February 9, 2017

EDITORIAL 

Every day more and more companies are using new methods of analyzing information to make their business decisions, but on the path towards change it is all too easy to make the mistake of believing that having a lot of information,real, is the same as having real, verified and high quality information.

Not being aware of this difference can be costly for companies who are starting to use data to create forecasts, new business models and strategies for long-term growth. This is what Ernest Davis points out in his article published on Project-syndicate.org,   "..."Big Data" as it is known, will certainly provide important scientific, technological and medical advances, but also poses serious risks if it is abused or used inappropriately."

Entrepreneurs today have more opportunities than ever to meet their information needs. The technological revolution has given birth to fantastic ways to use the vast amount of data available to refine management, both internally and externally. The concept of Big Data must be embraced and implemented, if you want to remain competitive.

To achieve this, companies must be convinced that the information they use to make decisions, comes from sources that are not only highly specialized in Big Data, but also absolutely detached from any interest in regards to that information.

Read article: "Managing Big Data´s Risks"

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