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September 25, 2013

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Paul Ferreira

Great summary of the Big data topic from SIBOS but I agree that the question if the main factor that should drive the BIG DATA processes. we refer to Edna St. Vincent Millay's poem titled “Huntsman, What Quarry” back in the year 1939 that addressed the question of Big Data:
Upon this gifted age, in its dark hour,
rains from the sky a meteoric shower
of facts…they lie, unquestioned, uncombined.
Wisdom enough to leach us of our ill
is daily spun; but there exists no loom
to weave it into a fabric.

Here is the article where I found this from. A different view on the issue of Big Data:
http://www.perceptualedge.com/articles/visual_business_intelligence/big_data_big_ruse.pdf
Paul

Alex Johnson

Great overview Chris. The sheer number of statistics available on Big Data probably fills up quite a few DVDs :)

One thing that I think doesn't get enough attention is how incredibly freaking difficult it is to deal with that 80% of data that is unstructured. It’s really really hard, but despite that fact, unstructured data gets all the press.

And look, I get it. Social media is undeniably sexy. Just look at all of those statistics! Look at all of the data consumers are putting out there about themselves and their preferences! We've got to start mining right now!

However, as you point out, the thing that is missing from the Big Data discussion is focus. Focus on the right questions. Focus on a smaller pile of hay, as Martha Bennett astutely points out.

From my perspective, that focus first needs to be directed at the 20% of data that is structured. Before we worry about the 80%, let’s ensure that banks are asking the right questions and getting useful answers out of the structured data they already have access to. Well constructed attributes based on structured internal and external data can drive a tremendous amount of value. Let’s not get distracted by the shinny objects.

Here is an article that discusses building attributes in more detail.

http://www.zootweb.com/blog/index.php/building-attributes-start-data-6/1911/

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