Big dreams, small data

Like everyone else involved in the analytics space, we’ve been yapping endlessly about “big data” in this column. You all know the story –  unfathomable amounts of data coming in from multiple sources at incredible speed have analysts everywhere scrambling to make sense of it all. Let’s face it, big data is the elephant in the room in any discussion of analytics, and the elephant is only going to get bigger (think hybrid data, including video, images, sound, text, etc. from countless sources and sensors).

But wait, there’s more; there’s a “small” angle to the “big data” story. Even in the Big Data Era, many companies do not have the data they need to make data-based decisions. A start-up, for example, almost certainly does not have the historic data that an established firm has collected. Even well-established companies probably lack the data they need when considering introducing a new product or service or entering a new market.

With that in mind, Analytics magazine will launch a new column by Brian Lewis in the March/April issue that will address the issue of insufficient data and how to overcome it. The name of the column: “Big Data Dreams, Small Data Reality.” Chew on that concept for a minute.

Lewis, chief data scientist and co-founder of Fractal Sciences, provides more details in an introductory column in this issue.

Of course, big data remains the big fish in the analytics pond, so we’ll continue to cover it and all of its ramifications. For example, in this issue’s Executive Edge column, Marty Ellingsworth, president of Verisk Innovative Analytics, discusses the “promise of big data and bigger analytics” that “will drive the future” as the corporate world shifts from a company-centric to a customer-centric culture.

Meanwhile, INFORMS, publishers of Analytics magazine and the world’s leading organization for high-end analytics, will present its inaugural INFORMS Conference on Big Data in San Jose, Calif., June 22-24. The conference will focus on the business of big data and making the journey from data-rich to decision-smart. For a preview of the conference, click here.

The issue also includes a couple of “career-builder” feature articles that should pique the interest of any analytics professional looking to get an edge in a competitive environment. Veteran analyst Doug Samuelson outlines some of the consulting lessons he’s learned the hard way, while Polly Mitchell-Guthrie and Scott Nestler give an update on INFORMS’ Certified Analytics Professional program and how it can help employers and clients of analytics professionals, as well as analytics professionals themselves.