Facing a Big Data Blank Canvas: How CxOs Can Avoid Getting Lost in Data Modeling Concepts
The volume of data now available to businesses continues to grow exponentially. When looking to extract valuable insights into their business’s performance, C-level executives (CxOs) must navigate the big data blank canvas. This requires a strategic approach, in which CxOs should define business objectives, prioritize data quality, leverage technology, build a data-driven culture, collaborate with data experts, and communicate insights effectively to stakeholders. By doing so, they can gain valuable insights from big data and make informed decisions that drive business success.
In recent years, big data has been sold vietnam whatsapp number data as the “new oil,” a concept put forward by mathematician Clive Humby. His assertion is that like oil, data has an inherent value – but only once it is refined. However, more data usually leads to extra costs and greater confusion, and as a result, it doesn’t necessarily offer more robust insights.
When faced with a large data set, you might run some analysis on top of it. The risk here, however, is that you might miss all kinds of biases inherent in the data. They could exist due to the capturing mechanism; for example, the data could be sampled or biased in various ways that you might not have realized are there at all. But if you go in deeper, say on a row-to-row level, and trace a transaction through the system, you will learn a lot about how data is captured and what caveats are involved in interpreting it.