Halloween has arrived, and we know at Cognetik that the topic of leveraging data, big data, and becoming data-driven can seem scarier than most monsters for many businesses out there. We’re here to calm your nerves and help you conquer your fears by unmasking some of those scary data myths. 
 

Top 4 Scary Data Myths

 

Myth #1: For a business to leverage data analytics, a huge infrastructure of analysts, data scientists, engineers, and complicated technology is required.


 
Ghost Data
Image source: imgflip

 
The Truth: Especially for small organizations, this can seem like an expensive undertaking, and therefore, super scary! Because of this myth, data projects can stop dead in their tracks before they can even be considered.
 
Leveraging data analytics (at least at the beginning) doesn’t require employees with fancy titles and huge paychecks, a broad and expensive infrastructure, or the latest and greatest technology. Businesses simply need to start asking questions and try answering them using data available.
 
For example, Excel can be a great medium to start analyzing data since it is known for its flexibility and capacity to yield great visualization results. Excel also has a wealth of available (and free) resources, ranging from training to forums to free templates. You can even start leveraging consultants on freelancer.com or similar websites to do small-scale, low-budget analyses for your business.
 

Myth #2: For businesses to leverage analytics, they must have a big amount of data.


Big Data Halloween
Image source: Tom Fishburne

 
The Truth: Most data projects can be completed with small data samples or data sets. By reducing and eliminating poor data or “dirty” data, businesses can reduce the amount of wasted time streamlining processes or data projects that do not have to be an organization-wide project that involves an exorbitant amount of time and dozens of people.
 
The trick is to start projects small and work your way up while optimizing and streamlining as you go. Pretty soon, you’ll be able to see returns from all areas within your organization.
 

Myth #3: Data collection means that marketers know things about you that let them identify you.


Scary Big Data Cartoon
Image source: KDnuggets.com

 
The Truth: Marketers can learn about your likes and dislikes, and even some demographics, to help customers find things they are looking for to meet their needs and desires. However, the goal of businesses is to collect data to create personas and/or profiles to help increase revenue and the lifetime value of their customers. Businesses will not know who you unless they join all of those data points together, which is not the goal.
 

Myth #4: Artificial Intelligence will overtake data analysis and digital marketers.


Terminator Uprising
Image source: imgflip

 
The Truth: AI will not overtake data analysis and digital marketers because it is an extension of human capabilities. Media sensationalizes AI and how it will take away our jobs, but in practice, computers are very far from being able to completely act like humans. Humans are incredibly great at accomplishing certain tasks that computers are not great at and vice versa. 
 
AI is actually used for much more specialized use cases where they enhance or automate tasks that would not be very efficient for humans to perform (such as providing recommendations from huge amounts of data, recognizing objects in an automated fashion using images/video, or performing tasks at a high volume, such as detecting fraud from credit card transactions).
 

Did Someone Say Scary Data Memes?

In summary, we at Cognetik would like to wish you a Happy Halloween! Here are some of our favorite spooky data memes for your sharing pleasure.
Skeleton Variables

Image source: imgflip

 

Paranormal Distribution
Image source: Matthew Freeman

 

Machine Learning Joke
Image source: https://xkcd.com/

 

Becoming Data-Driven
Image source: imgflip

 
Remember, data doesn’t have to be scary. There are many scary myths surrounding data, but the truth is, leveraging the power of data can give your business the insights needed to make better decisions, improve digital experiences, and advance the transformation of your business.
 
Contact us today if you’re interested in learning how to conquer your data fears!

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