Businesses of all sizes and across a variety of industries are moving forward with their big data plans to avoid losing their competitive edge. If they fail to invest in adequate systems and tools to uphold data quality
so they can yield better business insight, they could get left behind like the companies that underestimated the first dot-com boom, according to ZDNet.
Some marketing professionals wrongly assumed the internet would not replace print-classified advertising, the source adds. At the time, they couldn't see how the web would provide a better and cheaper option, but they soon found that internet capabilities developed faster than expected and churned out alternatives that left their biggest revenue source in the dust.
The same could be true for many services that currently rely on gut instincts, such as sales, marketing, healthcare and human resources, according to USA Today. As companies continue to harvest vast amounts of data, they might be able to analyze it and glean business intelligence that's grounded in hard evidence, rather than hunches.
In one example, a company called Recorded Data harvests content posted on websites and uses that information to develop predictive insight, reports media, tech & business models blog Monday Note. Fleshed out, this idea could lead to a hypothetical service that taps individuals' social media pages for personal information, characteristics and health issues indicating they would be bad hires down the road.