IS BIG DATA DANGEROUS?
WHAT ARE THE MAIN RISKS OF BIG DATA?
Some people may ask: Is Big Data dangerous? Any business project can fail for some reasons, the most frequent ones being a lack of budget, bad team and project management, poor skills. But big data projects can also fail because of specific reasons.
Even if there’s no need to be afraid of big data, you need to be aware of potential risks with such new technologies. So here are the biggest and most common risks of big data projects.
Collecting data, storing them and getting reports out of them cost a lot of money. These costs should be mitigated in advance by a thorough budgeting study at the very first step of the project. This approach will avoid spiralling costs. A clearly defined strategy and a clear knowledge of what you intend to achieve and the benefits that are expected from this project will give you the chance to succeed. In short, if you don’t want to be pull the plug on a big data project, keep costs under control and and you’ll achieve your objectives.
Always try to start off on the right foot with relevant and up to date data. try to spend sufficient time on designing your project strategy. Far too often, the big data frenzy has led to collect everything and think about analyzing these data later, a poor strategy that can only lead to project failure, adding to the growing cost of storing the data, and leading to large amounts of data that are or can become quicky outdated.
You need to be drawing the right insights from your data and thus running ahead of your competitors. If you are getting it right, you will take the lead. So in short, don’t create irrelevant background noise with bad data.
An frequent pitfall of big data projects comes from a wrong interpretation of your data. You can sometimes draw causal links where there is only random coincidence. Sales data showing a rise after a major event, such as a live music event, may lead you to draw a link between music fans and your products, when in fact the rise is only based on there being more people in town due to summer vacation or sunny weather, or something else.
Of course, as in any IT project, data theft is a real and big concern. The bigger your data, the bigger the risk. A growing number of companies have seen their customer data stolen with credit and debit card information as well as their email and geographical addresses. So make sure that there’s no security breach in your system, and invest the money needed to prevent your company from such data theft.
This is an issue closely related to security. Ensure that your customers and other people’s personal data are safe from criminals but also from misusing by your team in charge of data analyzing and reporting.
These are just some of the most frequent risks and dangers that every company conducting big data projects has to take into consideration before spending any cent. Companies should now engage with big data project in order to prevent the serious risk of being left behind by their competitors. But they also should be well aware of the potential dangers of such projects and take action to prevent them.