Don’t slip on it!
Data is information and info can generate money but not all fingers are made equal and not all data suits all business!
In general, the more we know the better. In business the issues that arise are how can we collect the information, how will we refine what is useful and how do we digest the essence of this knowledge to make a profit.
New technological developments like the like Internet of Things (IoT) generate massive data that are considered of high business value.
To extract the hidden information from vast raw input data and work with the valuable elements for the specific business environment we develop and apply what is called data mining algorithms. These algorithms are nothing else than a systematic way to review data mining in knowledge view, technique view, and application view, including classification, clustering, association analysis, time series analysis and outlier analysis. Data mining is the process that discovers novel, interesting, and potentially useful patterns from large data sets modifying the algorithms accordingly to extract valuable information based on the specific criteria.
This is why you need to be very careful on ready made big data outcomes. Think twice before investing on any big data solution. It might have worked for the original purpose but might not be of any use to you.