While business cultures like to profess “In God we trust; all others must bring data,” the reality is that human beings still like a gripping narrative, and emotional stories can sometimes override what seems like the best decision on paper.
With the “Big Data” deluge showing no signs of abating, information overload is the norm. In fact, this “information glut” suggests a larger problem. We’re suffering from information overload at the expense of free thinking and development of new big ideas.
It’s time to look at the worth analytics can bring through a broader and more significant lens of improving societal value, and not just shareholder profits.
Capturing a mountain of multi-structured data (currently 10 petabytes and growing) is an admirable feat, however the real magic lies in Internet Archive’s multi-century vision of making sure the world’s best and most useful knowledge is preserved.
For every successful “Big Data” case study listed in Harvard Business Review, Fortune or the like, there are many failures. It’s a problem of cherry-picking “success stories”, or assuming that most companies are harvesting extreme insights from Big Data analytics projects, when in fact there is a figurative graveyard of big data failures that we never see.