In 2012, it's becoming a widely known fact that big data is huge and it isn't going anywhere. Even though most companies have yet to grasp the exact definition of big data, they have already started squirreling away funds for an investment in the strategy without considering the storage systems and data quality
tools they might also require.
Because of this buzz and anticipation, industry insiders like Eric Lundquist, the vice president and editorial analyst for InformationWeek Business Technology Network, are questioning if eager companies haven't turned big data into something more than it is. In a recent article for the source, Lundquist discusses Nate Silver's success using big data strategies to correctly forecast not just the outcome of presidential election, but also the decision in every state.
His results were much better than pundits of both political leanings who also made predictions. Mashable explains that because of this triumph, businesses might put more stock in their analytics strategies and rely less on their gut instincts, eliminating much of the human bias.
However, that idea might be missing the point, Lundquist suggests in the InformationWeek article. Does big data enable companies to use predictive analysis to discover valuable information? Yes. But he cautions decision makers against eyeing big data like a magic formula. It works because it has been tested, corrected and tweaked using a scientific method.