“Big data” is a rather deceptively simple way to describe a massive, far-reaching concept. It’s the use of data sets that are so massive, they can’t be processed in a typical manner. For businesses, big data is essential in order to understand their performance and how it could be adjusted to better fit the needs of consumers. However, it’s not foolproof. Here are some of the vulnerabilities of big data in the business world.
1. Lack of objectivity
If you’re looking into receiving your MBA in management information systems online, you’re likely to quickly learn about the importance of big data in the business world. It might seem like a perfect system for making the right moves. After all, you have all this information at your disposable. So, how can it steer you wrong?
While data can give you an educated understanding, it can’t account for other variables, nor can it predict the future. The decisions ultimately come down to human decision-making, which is fallible.
2. Constant changes
Big data itself was a massive change from the status quo of how information was received, but it’s not like the book is closed on big data and it has nowhere else to go. As our means of communication improve, so will the rate at which big data comes through and how we process it. If we’re not able to properly consume it and its rate of development outpaces our understanding of it, things could quickly run amuck.
3. Human error
While big data is a technological development, it still requires information from humans in order to function properly. However, mistakes can make a huge difference, even seemingly innocuous ones.
For instance, a business could look into big data assessing the income levels of its target audience but have an improper estimation due to a lot of survey respondents mistyping their annual salary. If the information of big data isn’t accurate, then the big data won’t be of much use to the company.
4. Security risks
People are understandably apprehensive about sharing personal information over the internet because we hear so much about sensitive information being compromised. Should your big data system be compromised (no matter how “small” it might be), then you could indirectly cause great personal strife to your customers and have your reputation ruined.
We hope this has given you a good idea of the vulnerabilities of big data in the business world. With changes in technology such as this, it’s crucial to understand the risks. By following these tips, you can make the right decisions with big data.