The TEDx insight (video below) highlights a common debate that occurs at the beginning of every research project: should a research be founded on ready made data or, as is traditionally favored, on custom made data. In the TEDx insight, the tradeoff for favoring a ready made data approach resulted in efficiency and cost improvements of 10x faster and 50x cheaper.
Click on the image below to launch the video.
This lesson should resonate with businesses everywhere. In today’s data-rich environment coupled with the advent of a Big Data future, businesses will need to learn how to take existing data that was collected for one purpose and repurpose it for something else. There is no need to recreate the wheel when you don’t have to.