Keeping Big Data Small - Beware the temptation of open-ended projects.
In 1973, the British economist E.F. Schumacher published a popular book whose title became a rallying cry for those who thought the overuse of technology was destroying the earth’s resources: Small is Beautiful. With much of corporate America on the verge of plunging into projects involving “big data,” finance chiefs are being advised to take Schumacher’s dictum to heart.
Urged on by Silicon Valley entrepreneurs, companies in industries ranging from health care to breweries are indeed looking into ways to turn their caches of information into money-saving or money-making assets. At a recent Bloomberg CFO conference, for example, Todd Papaioannou, chief technology officer for Splunk, a San Francisco-based, big-data-oriented software firm, warned finance chiefs to “compete on your data, or you’re going to die.” Read More..