Big data comprises a vast universe of information, concepts, and knowledge. In the midst of all this, information can get mixed up and give rise to false information involving big data. These “myths” of big data can be very harmful and negatively impact companies just starting to invest resources in this area.
As a company specializing in collecting, cleaning, and structuring data, Crawly can’t let this false information circulate freely. That’s why we’ve gathered four big data myths and explained one by one what the reality is.
1 – “It Solves All Company’s Problems”
By using big data tools, organizations of all types gain a significant competitive advantage over their competitors.
These organizations have at their disposal up-to-date and precise information to make decisions and build strategies in a well-founded manner, with factual data, and without wishful thinking. But this does not mean that implementing management based on data is something that will solve many of a company’s problems.
2 – “Only For Huge Companies”
We often see success stories involving big data and large companies, often international companies, don’t we? Perhaps this myth arose from there. But the truth goes beyond that.
After all, for rapid growth, the sooner we look at foreign markets, the sooner we can remove border constraints on commercial expansion. The result? Loft continues to grow and is getting closer to its IPO
3 – “Information From Big Data Is Always Of Quality”
If, on the one hand, it is true that the information collected in big data allows companies to make more proactive decisions and design more effective strategies, it should be borne in mind that there is an important activity, also performed by intelligent bots, that takes place between data collection and analysis.
We are talking about data cleaning, a process carried out by robot scrapers. This is because, when collected, relevant data is often accompanied by other data that is of no interest to the company. The scrapers act in this sense to ensure that what reaches the company is only the relevant material to achieve the intended objectives.
4 – “Robots Do Everything Themselves”
We live in a reality where intelligent bots are increasingly sophisticated. They can perform activities at an excessive speed, impossible for human beings. But to say they work 100% independently of engineers or analysts would be an untruth.
After all, it is we humans who create and develop these bots. Without human action, crawlers and scrapers would be left without direction, performing activities in a repetitive and unguided manner. Another critical factor is that, as time goes by, the demands of a company regarding data will naturally change, so human action is necessary to customize the robots and direct them correctly.
Risk Management With Big Data
Risk is inherent to the management of any company. The decisions taken, the strategies outlined, the contracts signed… None of this is risk-free, and the truth is that it is impossible to predict with 100% certainty the outcome of the choices made in the day-to-day management of a company, whether this outcome is short-medium or long-term.
Because of this reality, risk management exists, whose objective, as the name suggests, is to reduce as far as possible the risks inherent to the decisions made on a day-to-day basis by a company’s management.
Risk management and practically everything else involved in business administration have changed significantly due to the digital transformation the whole market has been going through. Thanks to big data, which brings together a vast amount of information that can be analyzed and used at any time, risk management has gained new resources. See below some of the main advantages of using big data in your company’s risk management. Big data in your company’s risk management.