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Big Data: Cornerstone for the Next Wave of Change
It hasn’t even been 20 years since the Mosaix web browser ushered in dramatic change that consumerized the Internet and reshaped many industries. In the 90’s rapid changes in software and technology were described as being done in ‘Internet Time’. The Internet hasn’t fully run its course, but the wave of change brought on by the Internet is being augmented by other advances in technology.
Faster, denser and cheaper hardware is enabling users to create and store incredibly more data than has ever been possible. Currently, the amount of business data is doubling every 1.2 years. As of 2010, global enterprises in total stored more than 7 exabytes of business data. A McKinsey report (McKinsey Global Institute) identifies all this data as being at the source of another upcoming wave of change. The technology that is bringing about this data-based revolution is being referred to as ‘big data’ and it focuses on creating analytical tools that can extract meaning from all the masses of data that we are collecting.
The McKinsey report gushes with hype over how Big Data Analytics (BDA) could positively transform our lives. When applied to applying collected shopper information, big data would give retailers the potential to increase their operating margins by more than 60 percent says the McKinsey report. When BDA is applied to health care information, the quality of health care could dramatically improve, efficiencies in the health care delivery system would increase, and health care costs could drop as much as 8 percent, creating as much as $300 billion in value annually.
The report says that “the use of data has long been part of the impact of information and communication technology, but the scale and scope of changes that big data are bringing about is today at an inflection point as a number of trends converge. The increasing volume and detail of information captured by enterprises, together with the rise of multimedia, social media, and the Internet of Things will fuel exponential growth in data for the foreseeable future. Data have now reached every sector in the economy.”
