THE SURGE OF BIG DATA23.10.2017
The term Big Data is increasingly being branded and associated with decisions in everyday life. Its connotations are no longer confined to the private and business domain; echoes are becoming louder and more frequent in the social. On the one hand, Big Data is enabling a revolution of measurement set to be the foundation of efficiency and innovation across the economy. Whilst on the other, it is increasingly being used as the pinnacle for how life’s everyday decisions should be made.
As highlighted by Donald Walker, Big Data is ‘making the invisible visible.’ This simple concept or play on words highlights the technique of digesting enormous amounts of data and detecting seemingly subtle and/or elusive patterns. This is a practice where computers and software algorithms thrive at a pace that has left human analysis far behind.
Data collection is broadening its sources. The pool is rich, with data coming from a variety of platforms including social media; company databases; sensor signals; genomic information; websites and many more. While storage, processing and memory may hold their own challenges, in the future being able to make sense of data and effectively utilise its findings is the key to whether businesses are able to compete in their respected verticals.
Organisations need to ensure they do not get overwhelmed with large volumes of information. As the global data count continues to grow the International Data Corporation refer to the data universe in forms of ‘zettabytes,’ ‘yottabytes’ and ‘brontobytes.’ While this may cause a debate between characters in the sitcom The Big Bang Theory, I would argue that this is inconsequential. Instead, the pressing issue is how to understand this data and then make use of it. Businesses need to remember that their best friend of the present and future lies in software. With the critical code flowing mainly from a ‘steadily evolving toolkit of artificial intelligence, like machine-learning software’ (Lohr, 2016).
To help put this into an economic and business context, we have explored this month’s WiseGuyReport. The report suggests that Big Data is on course to account for over $57 Billion by the end of 2017 and is expected to grow by 10% annually over the next three years. This prediction would mean a market worth over $76 Billion by December 2020!
Big Data is not only reshaping the economics of discovery and the methods of decision making, we’re now entering a time where a business’ economic success will increasingly depend on the correct use of Big Data. At Cognatio Solutions, we’re going to great depths in ensuring that we understand and can help guide our technology partners in this ever-increasing, pivotal environment. If you would like to discuss how Cognatio Solutions could positively affect your company's hiring plans, or if you’re a candidate looking to explore new opportunities please email: Robbie.Burnand@cognatiosolutions.com