Besides what we are told by big data industry, what is the real benefit of Big Data for companies?
Does your company need Big Data?
- Your business is data-driven.
- You need to combine and package information from a wide variety of data sources.
- You use BI solutions to help you make your decisions.
- You are no stranger to the three Vs (Data Volume, Velocity, and Variety).
If at least one of these statements apply to your organization, then the question of whether and how much you invest in Big Data is justified. The answer is not simple. On the one hand, there are the strategic benefits of Big Data; on the other hand, there are often major costs involved for hardward, software, training, etc. Why not systematically trading off costs and benefits and thus avoiding investments in the wrong cause like it is proposed here.