SigmaWay Blog

Big data and analytics are the buzz words in any industry now, but one should not forget that data inaccuracy can lead to huge losses for any industry. Big data becomes useless unless it possess a reasonable degree of accuracy. In case of industries like healthcare and banking big data mistakes can even take someone’s life. Data should be cleaned before data scientists can leverage it to derive useful insights. Practicing good data management is the need of the hour. Executives, instead of being impressed by the size of data, should question its quality. Systems should be designed in such a manner that it is able to simplify the process of data collection and minimize risks from inefficient data. Read more at:https://channels.theinnovationenterprise.com/articles/7782-big-data-vs-bad-data 

Self-service analytics softwares are being used by businesses now and it has given rise to a new need, data governance plans. These new softwares provide a host of benefits. These have made accessing and analyzing data a lot easier coupled with the ability to feed bad data back into enterprises. A competition has been brewing between software vendors regarding improved data governance. Companies are launching business intelligence products that stress data governance. Such softwares can be built around the company's pre-existing enterprise data infrastructure bringing multiple data sources into a common data warehouse accessible by the entire organization. Read more at: http://www.dataversity.net/adding-data-governance-tools-to-self-service-analytics/

The Great Recession was the general economic decline observed in world markets around the end of the first decade of the 21st century. The exact scale and timing of the recession is debated and varied from country to country. The most probable cause behind this recession is the use of bad data. Generally, retailers lose their revenue because of out-of-stock issues which is due to the use of incorrect and outdated data. Hence bad data is destructive. It results in losses because of dwindling customer satisfaction and incurs additional expenses in order to correct the faulty data. Big data can affect both small and large enterprises but companies can be immunized against bad data by being active and using the correct tools.

Read more at: http://www.business2community.com/big-data/bad-data-a-21st-century-business-epidemic-01252370