Big data is the collection of data that is part of our daily lives. It is the hundreds of million e-mails, likes on Facebook, and tweets we post online. It is the hundreds of thousands of photographs that go live on the internet each day. The industry itself is one that is growing at a breakneck pace. In 2013 big data accounted for a $10.2 billion industry, but is estimated to reach an astonishing $54.3 million this year.
Big data does not necessarily focus on the amount of data that is used though. On the contrary, it can refer to what organizations do with this data. It is the analysis of this data, processing information to make more informed decisions, and reviewing trends to make better execute strategic business moves.
The concept behind big data isn’t a new one either. While you’ve likely just started to hear the term, the process of gathering information and storing it has been around for decades. It wasn’t until Doug Laney who is a renowned industry analyst touched on the volume of data, the velocity of data, and the variety of data that we had a vision closer to our modern trend. Expanding on his statement, we also note that there are other essential factors like complexity of data and variability that are a critical part of the analytical process.
In our modern world, the data that is around is always growing. There is currently no end in sight to where this big data will go and we will continue to discover and create new ways to store and analyze the data that is there. Perhaps most surprising is that despite the sheer amount of data that is out there, only a small percentage of it is regularly analyzed. That means that there is still a world of information out there that can be processed and the statistics from it can be used to further propel the understanding of data that is there.
What is important to note is that big data isn’t about the vast amount of data is there. It’s true the numbers are staggering, but there is much more to this. But when someone talks about big data, the focus is on what they can take and pull from the information. It is the analysis of the different aspects of it. This information will allow businesses to determine how information can be better processed so they can reduce their standard operating costs, reduce processing time, and discover new ways to optimize the data that they are collecting. Over a period of time, this will also allow individuals to make better decisions and to avoid failures and other problematic concerns that may be faced along the way.
Big data will remain a pivotal part of the future. It impacts the buying habits of our customers, determining the risk doing business with individuals and companies out there, and avoiding fraud before it happens. All while reviewing data that potentially helps us to further expand our reach and success for years to come.
About Bill McCabe/ Internet of Things Recruiting - Executive Search/ Retained Search for the Internet of Things/ Machine 2 Machine/ Big Data Markets
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