An abundance of data is not particularly valuable without the ability to draw conclusions from it. Forbes recognizes the value of data analysis in, “Text Analytics Gurus Debunk Four Big Data Myths.” Contributor Barbara Thau observes:
“And while retailers have hailed big data as the key to everything from delivering shoppers personalized merchandise offers to real-time metrics on product performance, the industry is mostly scratching its head on how to monetize all the data that’s being generated in the digital era. One point of departure: Over 80% of all information comes in text format, Tom H.C. Anderson, CEO of, which markets its text analytics software to clients such as Coca-Cola KO +0.00% told Forbes. So if retailers, for one, ‘aren’t using text analytics in their customer listening, whether they know it or not, they’re not doing too much listening at all,’ he said.”
Anderson and his CTO Chris Lehew went on to outline four data myths they’ve identified; mistakes, really: a misplaced trust in survey scores; putting more weight on social media data than direct contact from customers; valuing data from new sources over the customer-service department’s records, and refusing to keep an eye on what the competition is doing. See the article for the reasons these pros disagree with each of these myths.
Phi Beta Iota: Big Data is the fossil fuel of the digital era. Dumb, grossly overweight, and not worth what we pay for it. We anticipate the entire information industry dying — starting with IBM — and being replaced by open source everything on a distributed platform.