Big Data has dominated tech news of late. It has been touted as a possible solution for everything from intrusion detection to fraud prevention to curing cancer and setting optimal product prices.

But Big Data, which we’re defining as data collected in large volumes, at high velocity and in a variety of formats, isn’t a cure-all for every problem. In fact, if companies that believe in some of the myths surrounding Big Data, could head off in the wrong direction, waste a lot of time and money, cost a company its competitive position in the market, or damage a company’s reputation.

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