Answer: First let’s take a look into some statistics. It appeared about 174000 times in New York Times Technology section, about 11,040 times in news articles in CNET, 75 articles in O’Reilly in last one year. What is it? …… “BIG DATA”
Tech companies have dedicated entire pages in their websites for the same
•IBM -
http://www-01.ibm.com/software/data/bigdata/
•CISCO -
http://www.cisco.com/en/US/solutions/ns340/ns517/ns224/big_data.html
•Oracle -
http://www.oracle.com/us/technologies/big-data/index.html
•EMC2 -
http://www.emc.com/microsites/bigdata/index.htm
A report was published by the World Economic Forum recently
http://www.weforum.org/reports/big-data-big-impact-new-possibilities-international-development
Global Consulting firms like McKinsey have “big” things to say about it
http://www.mckinsey.com/Insights/MGI/Research/technology_and_Innovation/Big_data_The_next_frontier_for_innovation
The press can’t keep stop talking about it, all the leading news papers are discussing it and tech websites have it all over. Why? Let’s delve deeper into the matter
According to Forrester’s research only about 5% of the data available to enterprises are effectively utilized as the rest is too difficult to analyze as it is very expensive. A McKinsey Global Institute report claims a retailer embracing big data has the potential to increase its operating margin by more than 60%. As the price of storing data came down and companies began to realize the hidden potential of the same they started focusing into this to drive business goals, setting future goals, getting customer feedback etc. They realized that this trove of hidden treasure can also be used for creating business values. This has been corroborated in the report published by WEF wherein it was declared that data is a new class of economic asset, like currency or gold. When used correctly, big data can yield insights to develop, refine or redirect business initiatives; discover operational roadblocks; streamline supply chains; improve operational efficiency; better understand customers; create new revenue streams, differentiated competitive advantage; propose entirely new business models; as well as develop new products, services and business models.
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