Big Data will change the world of business
Over the past 10 years, the flow of digital data in the world has increased significantly. Now 2 days mankind produces as much information as was created from the beginning of civilization until 2003. International consulting firm McKinsey &Company suggests that the usual big company today produces about 200 terabytes of information: data about customer purchases, transactions with suppliers, information about financial transactions. In fact, the annual volume produced by American companies, would be enough to completely fill ten thousand Libraries of Congress.
These huge amounts of data require careful analysis. In a changing market where trends change extremely fast, and the behavior of consumers is difficult to predict in traditional ways, companies are turning to Big Data. Technology analyze huge volumes of structured, unstructured and metadata, allows you to develop complex computer models to identify existing patterns and conduct various simulations.
The attention of business to Big Data understandable:
1. Big Data technologies make business processes more transparent and efficient
2. The ability to create scenarios can help companies adapt to a constantly changing market
3. The patterns revealed by using Big Data, directly affect the process of decision making.
4. The obtained data allow companies to more efficiently allocate budgets to position products and services, identify the needs and requirements of consumers.
Big Data will drive innovation and reduce management risks. In fact, Big Data technologies open up a new dimension of research. Thanks to them we can talk about averages and errors of sampling.
It is not surprising that, according to experts, the market for Big Data will continue to grow and by 2016 will reach $23.8 billion
Author: Victoria Sacuta