Kristian J. Hammond wrote an interesting piece on the real value of big data in the Harvard Business Review blog:
“It is clear that a new age is upon us. Evidence-based decision-making (aka Big Data) is not just the latest fad, it’s the future of how we are going to guide and grow business. But let’s be very clear: There is a huge distinction to be made between “evidence” and “data.” The former is the end game for understanding where your business has been and where it needs to go. The latter is the instrument that lets us get to that end game. Data itself isn’t the solution. It’s just part of the path to that solution.
The confusion here is understandable. In an effort to move from the Wild West world of shoot-from-the-hip decision making to a more evidence-based model, companies realized that they would need data. As a result, organizations started metering and monitoring every aspect of their businesses. Sales, manufacturing, shipping, costs and whatever else could be captured were all tracked and turned into well-controlled (or not so well-controlled) data.
I would argue that what you want and what you need is to turn that data into a story. A story explains the data rather than just exposing it or displaying it. A narrative that gives you context to today’s numbers by exploring the trends and comparisons that you need in order to make sense of it all. The belief that Artificial Intelligence can support the generation of natural language reporting from data is what drove me to help found our company, Narrative Science. I fundamentally believe that a machine can tackle and succeed at freeing insight from data to provide the last mile in making big data useful, and this belief was the driver in building out a technology platform that makes it real.”
READ THE WHOLE ARTICLE HERE.