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6.7 - Coggle Diagram
6.7
The Promise of Big Data
Laney (2001) predicted that enterprises would need to manage ever larger data sets. The challenge would be to cope with three Vs
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Writing for McKinsey, Brown et al. (2011) argued that that big data would transform business processes and alter corporate ecosystems
Manyika et al. (2011) predicted that it was the next frontier for innovation, competition and productivity.
(Lindstrom, 2016, Cochrane and Elmagarmid 2019) are pointing to the value of small data. As Pollock highlighted, size in itself doesn't matter – what matters is having the data, of whatever size, that helps us solve a problem or address the question we have (Pollock 2013)
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Big Data, Small Data and Decision-making
Big data, data science developed increased interest in data-driven decision-making
Having more data may not lead to better decision making. Data has to be used appropriately: understanding what data is needed, ensuring it is accurate and analysing it insightfully are far more important than the volume of data available (Matthias and Fouweather, 2017)
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