Over 150 years ago, oil was pulled from the ground and thus began a shift in the way Americans functioned. With the advent of the internal combustion engine (that solely operates on oil), people could travel outside of the range of trains and horses, could consume goods from other places more quickly, could experience new products /services and new labor forces were created, suffice it to say society changed.
As we embark on the information age, big data is the modern version of oil as it is created voraciously, needs special equipment to mine it, and the insights produced are invaluable. It is these insights that help solve problems better and faster for organizations than ever before.
To clarify, the definition of big data is the accumulation of digital actions. Big data is produced by every medical procedure, spam email, credit application, social media post, and purchase of any kind. All of these actions are encoded as data and warehoused. According to Big Data expert Eric Siegel, this data grows by an estimated 2.5 quintillion bytes per day.
Big data’s true power comes from the insights gained when information stored in silos are connected and provide a 360 degree view to business landscapes.
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