The Think Tank
Data can be anything. For example, 201176 is data. However, without proper analysis, it has no context. Is it a date, location coordinates, or part of a phone number?
Big Data, on the other hand, refers to massive quantities of information accumu-lated in large volumes, across a variety of channels, and at a high velocity.
Today, data accumulation continues to increase exponentially with the advent of artificial intelligence softwares. However, the technology to process it into a cognizable format is still developing.
After all, the world generates over 2.5 billion GB of data every day. With the right softwares this can help analyze current trends, predict future big trends, significantly optimize monetary expenses, increase business revenue, and aid in the achievement of business objectives across all verticals.
As a consequence, nearly 53% of the companies interviewed  are attempting to incorporate Big Data analytics. What's more, over 60% of professionals believe that Big Data is generating additional revenue within their organization, while 83% have stated that it increases the profitability of existing services and products.
Seeing such an impact, it's incredible to believe that current technology only allows for the processing and analyzing of 5% of the global data. Even this has proved it's worth as 3 out of 5 people in leadership roles have stated that the lack of adopting Big Data diminishes your future prospects.
Today, big businesses are quickly attempting to incorporate data strategy and analysis, but it's just as crucial for smaller businesses looking to make it big.
With nearly 1.7 megabytes of data estimated to be produced per second in 2020, there's no doubt that data is at the core of the technological age. In fact, 6 million developers around the world are already working on advanced big data analytics!
Surprisingly, though, out of the all the industries that have attempted to become data driven, it's only 37% have claimed success.
Despite it's enormous potential, big data is definitely a challenge to effectively analyze based on your business objectives. Consequently, it's best to join the game early on if you're planning to stay ahead!
1. Louis Columbus, Forbes Contributor, https://www.forbes.com/sites/louiscolumbus/ 2017/12/24/53-of-companies-are-adopting-big-data-analytics/#421ba36539a1
2. Bernard Marr, Forbes Contributor, https://www.forbes.com/sites/bernardmarr/ 2018/02/26/big-data-and-ai-30-amazing-and-free-public-data-sources-for-2018/#336fda2a5f8a