Big data is changing the way we live, think and work. Almost nobody disputes this. Some of the world’s largest brands depend on big data, such as Google, which processes over 3.5 billion search queries every day. However, some experts believe many of the predictions on the future of big data have become too outlandish.
Several TEDTalks have shed some light on the problems that big data has created. They also discuss some of the beneficial applications, while also highlighting the limitations. Here is an overview of some of these TEDTalks.
The era of blind faith in big data must end – Cathy O’Neil
In April, mathematician Cathy O’Neil posted this TEDTalk at an official Ted conference. She mentions that big data has touched every facet of our lives. Financial institutions rely on big data to determine who qualifies for loans. Insurance actuaries use big data to set premiums, as well as approve or deny coverage applications. Employers use big data to make hiring decisions.
O’Neill shared some important anecdotes to illustrate her point. She mentioned that a media outlet got the names and test scores of all teachers in New York. They published the results to shame poor performing teachers but were unable to give any context to show why performance lagged many expectations.
O’Neill states that big data has a big problem that other products and solutions do not. Everybody has taken an unprecedented leap of faith with big data. Few people are willing to question the models is predicated on. This means that flight algorithms can go undetected for extended periods of time.
I know what a lot of you guys are thinking, especially the data scientists, the AI experts here. You’re thinking, “Well, I would never make an algorithm that inconsistent.” But algorithms can go wrong, even have deeply destructive effects with good intentions. And whereas an aeroplane that’s misdesigned crashes to the earth and everyone sees it, an algorithm misdesigned can go on for a long time, silently wreaking havoc.
The human insides missing from big data – Trisha Wang
Trisha Wang made an interesting analogy for big data, comparing it to the oracles of ancient Greece. She has stated that even major brands such as Netflix have made the mistake of trusting big data too much. She stated that the return on big data projects is very poor because the data is often interpreted the wrong way. Her case was very compelling because she stated statistics showing that only 27% of big data projects have a positive ROI.
Wayne doesn’t intend to dismiss the benefits of big data. She is merely highlighting its limitations. What is the missing piece of the puzzle? Wang says that we should focus more on the human element of big data. We need to Pay attention to data points that cannot be easily quantified.
Getting in control and creating space – David Allen
Resource scheduling software, Visual Planning, put together the top seven TEDTalks for project managers where David Allen made a great TEDTalk on productivity. While the video didn’t focus specifically on big data, it touched on some of the important limitations. Allen said that poor time management is one of the biggest problems that can destroy a business. This supports statements from other experts that have said poor time management is a major problem, especially for growing businesses. Too many project managers miss manage their time by focusing on unnecessary tasks that seem to have any high ROI, such as ineffective big data tools. His point aligns with the one Wang made in her TEDTalk as well.
