Is Big Data as far from us as we think?

In the 21^st century, the Age of Big Data, still exists many questions regarding interpretation of and how is it different from data in general. In this article I would like to bring for you some key points. 

What is Big data?

Big data is not a new term, lots of well-known companies such as Amazon, Facebook, Mastercard Worldwide, etc. are familiar with this for a long time. The approaches they have used now and then differ, in the way data is collected and how they use it to create a value. It was a necessity as every day it has appeared more and more data. According to Edd Dumbill, Big Data defines as ‘data that becomes large enough that it cannot be processed using conventional methods.’ (Minelli, M., Chambers, M. and Dhiraj A., 2012) Knowing how challenging it can be to manage all their customer’s data, such companies gave a boost of thinking how to approach them. 

What are possible solutions? 

According to KPMG report, it yields the following as the top technologies in which drive both the long-term value and future transformation of business include robotic process transformation, artificial intelligence and machine learning, cognitive computing which developed to help companies to deal with Big Data. Why is it important? A surprising statistic shows that ‘90% of all data were created within the last 2 years’ (Jack Loechner, 2016) and it is impossible to manage this data using traditional methods. 

How did methods of collecting data revolutionise?

Arguably, even 30 years ago the importance of data was underestimated.  A considerable amount of data was in silos, such an approach was hindering the possible advantages of collecting a wide range of data and analysing it. However, it now has become possible - in the Big Data era. So, what is new in Big data era, it is a creation of ‘more social collaboration beyond your firm’s wall’ (Minelli, M., Chambers, M. and Dhiraj A., 2012). 

Why understanding of Big data is important? 

Source: prwatech.in

Analysing this data can bring competitive advantages and make better decisions for the company. In addition, this company will be able to better understand us – consumers and deliver for us better experiences. It is a win-win situation for everyone. Those companies that will be able to create value from their Big Data will be ahead of competitors in order to predict future growth. Argue or not, it is all about Big Data now, something that we have to understand and co-operate with.

Bibliography:

Jack Loechner (2016) 90% Of Today’s Data Created In Two Years. Mediapost. Available at: https://www.mediapost.com/publications/article/291358/90-of-todays-data-created-in-two-years.html (Accessed: 23 January 2020).

KPMG (2019) The top 10 technologies for business transformation. Available at: https://assets.kpmg/content/dam/kpmg/ie/pdf/2019/05/ie-top-10-technologies-for-business-transformation.pdf (Accessed: 22 January 2020).

Minelli, M., Chambers, M. and Dhiraj, A. (2012) Big Data, Big Analytics. 1 edn. Wiley. P.216