Magical thinking
I want to tell a story to illustrate the point. A friend of mine asked me to build a machine learning system for his startup because he believed it would solve some problem in his mobile app. I asked what data he has and he answered that they are planning to collect a lot of data from their users. They wanted to make highly personalized predictions for each of their users and right in time (precision, within minutes). "Okay," I said, "Imagine you have this kind of data about yourself, your wife, and your dog. Will it be useful to make correct predictions about me?" "No," he shook his head. "Now imagine you've just started collecting information about me. How much time would it take to start making reasonable predictions?" ...
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