Big data is often the hottest topic in business circles today, but it will likely progress toward predictive analytics in the future, Bernard Golden recenlty wrote in an article for InfoWorld. Golden recently attended the SVForum Big Data Event and found this was the general consensus among attendees. Much of the focus is now on Hadoop, but at the current rate of growth, business intelligence will move beyond the drive for real-time insights into a space where decision-makers know what to expect in the future.
Golden writes that while predictive analytics may sound like a great idea because it means consumers will only receive ads for products they can actually use and sites like Netflix will display just the titles that fit within their preferences, there is potential for danger if data quality problems exist.
Imagine a circumstance in which a financial institution denies a customer's loan application because the internal algorithm says he or she poses default risks, but the criteria for that decision is based on incorrect information. If firms don't have the best address management tools in place, they might use information about another individual who happens to have the same name and birth date.
As Henrik Liliendahl Sorensen writes in his blog, Liliendahl on Data Quality, companies must have great data quality with their small data efforts before they embark on bigger endeavors.