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Is Big Data for Real?
 

Is Big Data for Real?

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The concept of Big data has existed for several decades now, but during the past couple of years it has become so trendy that even big data professionals can't figure out what it is and what it isn't. ...

The concept of Big data has existed for several decades now, but during the past couple of years it has become so trendy that even big data professionals can't figure out what it is and what it isn't. So am I. One part of me thinks it's nothing but a Bubble and the other thinks it's the next Big Bang. In this presentation I have chosen to put forth my views from both sides of the bridge. What do you think?

Hope you enjoy the presentation.

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    Is Big Data for Real? Is Big Data for Real? Presentation Transcript

    • Big Data: Is it for real or just phony? Image credit:Genetixby*JJKirby© sushobhanchowdhury, 2013
    • 3 Reasons: Why I think it’s phony Image credit:http://ooche813.blogspot.in/
    • Neologism is always trendy. Remember Web 2.o? Image credit:Flickr.com
    • Neologism is always trendy. Remember Web 2.o? Image credit:Flickr.com Big Data really isn’t a new term-  the phrase was used in the lunch-table conversations in the mid-1990s. Someone just exhumed it out of the grave and pumped it with gallons of steroid. The phrase used a few years ago for this sort of stuff was 'business intelligence'; cluster analyses, propensity modelling and the like are not new, at least within the analytics sphere. Business Intelligence is not trendy anymore. That’s about it.
    • Neologism is always trendy. Remember Web 2.o? Image credit:Flickr.com Big Data really isn’t a new term-  the phrase was used in the lunch-table conversations in the mid-1990s. Someone just exhumed it out of the grave and pumped it with gallons of steroid. The phrase used a few years ago for this sort of stuff was 'business intelligence'; cluster analyses, propensity modelling and the like are not new, at least within the analytics sphere. Business Intelligence is not trendy anymore. That’s about it. It’s the tech industry’s DNA to put technologies through a regular cycle of hype then backlash before we eventually settle upon reality. “ - Graham Oakes. Econsultancy.
    • It is expensive ‘coz it’s designed to over-fit
    • It is expensive ‘coz it’s designed to over-fit A smart dude came up with the idea of predictive targeting and for that the need to analyse zillions of unstructured data-bytes became rudimentary. But the caveat is in the fine print - there is a potential risk of valuable cues being blurred out by irrelevant correlates when you mix a lot of data. Secondly, it opened up the door to new possibilities. Consulting Business was slowing down. Business Intelligence was not exactly a consulting IP anymore. Big Data = Big Idea = Big Money.
    • It is expensive ‘coz it’s designed to over-fit A smart dude came up with the idea of predictive targeting and for that the need to analyse zillions of unstructured data-bytes became rudimentary. But the caveat is in the fine print - there is a potential risk of valuable cues being blurred out by irrelevant correlates when you mix a lot of data. Secondly, it opened up the door to new possibilities. Consulting Business was slowing down. Business Intelligence was not exactly a consulting IP anymore. Big Data = Big Idea = Big Money. Not everything that can be counted counts. And not everything that counts can be counted “ ”- Albert Einstein
    • In itself it has little value. Unless you connect it to organisational goals Image credit:LULcricketleague –Steve Lohr
    • In itself it has little value. Unless you connect it to organisational goals Image credit:LULcricketleague Numbers are meaningless on their own. They can’t speak for themselves. Framing good questions and building the connection imbues meaning in the data. It’s easy to generate meaningless correlations if you don’t think systemically about your problems.   Data is lot like a sharp knife. When used with precision you get some amazing results but if mishandled in can turn out to be dangerous and creepy. –Steve Lohr
    • In itself it has little value. Unless you connect it to organisational goals Image credit:LULcricketleague Numbers are meaningless on their own. They can’t speak for themselves. Framing good questions and building the connection imbues meaning in the data. It’s easy to generate meaningless correlations if you don’t think systemically about your problems.   Data is lot like a sharp knife. When used with precision you get some amazing results but if mishandled in can turn out to be dangerous and creepy. –Steve Lohr The biggest drawback of data is that it's often misinterpreted and misused. “ ”- Sona Khosla, Director of Marketing, iStockphoto
    • 3 Reasons: Why I think it’s for real Image credit:PleasurephotoRoom
    • It’s the new competitive advantage.
    • It’s the new competitive advantage. Big Data helps discover patterns to make better decisions. Decision that are fast, efficient and tailored to outperform. Organisations are charting new growth opportunities in an entirely new category, thanks to Big Data. It’s also helping companies arrest fraud and errors and in the process taking a substantial load off their bottom-line inefficiencies. Data helps make connections and these connection then turn into competitive advantage, forcing competitors to go on the back foot.
    • It’s the new competitive advantage. Big Data helps discover patterns to make better decisions. Decision that are fast, efficient and tailored to outperform. Organisations are charting new growth opportunities in an entirely new category, thanks to Big Data. It’s also helping companies arrest fraud and errors and in the process taking a substantial load off their bottom-line inefficiencies. Data helps make connections and these connection then turn into competitive advantage, forcing competitors to go on the back foot. “Big data is about having an understanding of what your relationship is with the people who are most important to you and an awareness of the potential in that relationship. ”- Joe Rospars Chief Digital Strategist, Obama for America
    • It’s the new Silk Route. The road to a billion dollar idea.
    • It’s the new Silk Route. The road to a billion dollar idea. Big Data has given a new meaning to innovation. Startups are using Big Data to come up with innovative products, like for example Real-time Bidding (RTB) and Retention Science. Without Big Data and all that comes with it this billion dollar industry wouldn’t even exist.
    • It’s the new Renaissance. A catalyst of social change.
    • It’s the new Renaissance. A catalyst of social change. Be it predicting crime or easing traffic problems, Big Data is signalling a fundamental social, economic and cultural change. Things that we couldn’t help but accept earlier, can now be challenged. Big Data gives us the power to discover - the known knowns, the known unknowns and the unknown unknowns.
    • It’s the new Renaissance. A catalyst of social change. Be it predicting crime or easing traffic problems, Big Data is signalling a fundamental social, economic and cultural change. Things that we couldn’t help but accept earlier, can now be challenged. Big Data gives us the power to discover - the known knowns, the known unknowns and the unknown unknowns. A heartbeat, a child's first word, a photograph, a phone call, a Facebook update -- all drops in a vast ocean of data. So what are we learning from it all? Truths about our measured world and our measured selves “ ”- The Human Face of Big Data
    • sushobhan.chowdhury@gmail.com@SushChow in/sushobhanchowdhury © sushobhanchowdhury, 2013 Image credit:KevinValente