We might be
on the beginning on the big data “epoch”. There are certainly great
opportunities not only for business decision makers, but also for those, who
like to work with big analytics. But the forecasting uncertainties are NOT
eliminated by big data. In fact, the big data makes us even blinder to
something potential, different, and not recorded. This is a source if big boundaries, limits and
diminished opportunities.
By Olena Denysyuk
Isn’t
fun to be able to predict the future and change the direction of a business?
Not the way the clairvoyants do, but like economists/ data analysts do. There
are no big differences in these 2
groups, some would say. Maybe, it’s right. Nobody can see the next 10 years. A 10-year business forecast is a good
structuring tool, but as seeing- into-the- future tool, there is not so much
value in it. Sadly.
But
there should be some underlying reasoning, which these two groups share, since
they share the idea of prophecy.
The
later one predict the future (form the opinions, make the decisions) basing any
judgment on data, technical/statistical/accounting/graphical. The former one predicts
the future…well… I guess they have their own access to data they need: social
media, Google among others. No matter
what analytics you go after in the realm of predicting the future, data is the central component.
So
the word” data” is not new…