There was an interesting article published yesterday “Is There Big Money in Big Data?” that talks skeptically about the Big Data “fetish” that has blossomed over the last few years.
Big Data focuses on collecting loads of data on user transactions and behaviours and making a lot of valuable predictions.
I like this quote from the article, which rings true:
Even with infinite knowledge of past behavior, we often won’t have enough information to make meaningful predictions about the future. In fact, the more data we have, the more false confidence we will have. Not only won’t our hit rate be perfect, it will be surprisingly low. The important part, as both scientists and businesspeople, is to understand what our limits are and to use the best possible science to fill in the gaps. All the data in the world will never achieve that goal for us.