Big data means big dollars for many companies, but it doesn’t have to be that way.
Much of the work I do with large companies involves using big data to drive a competitive advantage; as such, data science is woven into the corporate strategy and deservedly requires a significant investment in time, money, and resources. But do all data science efforts need to drive a competitive advantage? No.
I’m not suggesting you repeat the mistakes of early big data adopters who threw money at big data with no real plan or goal. But I do believe data science can play a useful role without breaking the bank.
Conduct data science experiments
If you aren’t spending a lot of money on data science, then make sure to set your expectations low. For instance, if you’re looking at a strategic effort with a $2 billion upside where big data plays a large role, your investment could easily be $100 million or more per year.
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