Five big data pitfalls to avoid
by: Brandon Bogler
Big Data has reached a critical stage. The market is poised to grow to more than $50 billion by 2017. Yet, more than 55 percent of Big Data projects continue to fail.
Although many organizations have launched and are enjoying the benefits of successful Big Data projects, as the above statistic shows, implementing an effective Big Data project is harder than it looks. It requires an organization to truly understand what Big Data is, how it can be used and the technological requirements of analysis.
Big Data isn’t so much about the volume of data as it is about combining and analyzing various data sets, both internal and external, to uncover new, valuable insights that can move your financial institution (FI) forward.
A recent Gartner blog by Research Director Svetlana Sicular examines eight specific reasons Big Data projects fail. I’ve highlighted five of them below.
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