There’s a myth out there that data itself opens the gateways of knowledge and allows money to fall from the sky. I sit through meetings that talk about “Big Data” as if it was the solution to all problems. If we could only create “the right” database everything else would be sitting back and collecting money.
This is extremely flawed logic. Data on its own is no different than fuel in a car. On its own gasoline can enable an internal combustion engine but it can also be highly dangerous and lethal. Data is the same way. If you interpret data the wrong way or without proper context it can lead to all kinds of incredibly bad business decisions.
Data does not empower people or businesses unless they know how to handle it with care. Open databases do not mean that you are going to understand the behavior of a market just as open financial data does not mean investors really understand the behavior of a public stock. Data simply gives people the ability to make information based decisions.
Big Databases are the single easiest ways to waste a lot of money. Big Information or Big Data Science on the other hand…….