You’ve probably heard the expression “damned if you do, damned if you don’t.” In a way, it presents a concern for the corporate decision-makers who have to take the lead on crafting a big data strategy.
Move fast and recklessly into big data and you could put the company at risk. The obvious risks involve security and the privacy of people and businesses whose data you collect. However, a white paper published by the industry ISACA, Generating Value From Big Data Analytics, highlights that there are other challenges surrounding such issues as ensuring that you have the right data, that you address the right business problems, and that you provide the staff and resources to do the job right.
ISACA, which focuses on auditing practices and risk management, also emphasizes that there can be tremendous risk in not doing big data analytics at all. A company can miss opportunities and fall behind its competitors if it doesn’t move forward in an age of data-based decision making, and that failure also can hide behind decisions to focus analytics on the wrong challenges.