A Whole New Way of Thinking: The Big Data Revolution The data revolution has only just begun. Everyone is talking about Big Data. And yes, it’s making the news. Big Data Grows Up- Forbes Business Opportunities in Big Data- INC. Big Data Powers Revolution in Decision Making- Wall Street Journal How Big Data Got So Big-New York Times Big Data is Hot! Now What?- Forbes Businesses ‘Freak Out’ over Big Data- Information Week 2012: The Year of Big Data- Wall Street Journal The Age of Big Data-New York Times Good with numbers? Fascinated by data? The sound you hear is opportunity knocking. What is Big Data? A meme and a marketing term, for sure, but also shorthand for advancing trends in technology that open the door to a new approach to understanding the world and making decisions. But it’s not just ‘hype’, the world’s data is doubling every 1.2 years (Source: http://www.huffingtonpost.com/tom-silva/the-era-of-big-data-is-he_b_1606914.html). There are 7 billion people in the world. 5.1 billion of them own a cell phone. Each day we send over 11 billion texts, watch over 2.8 billion YouTube videos and perform almost 5 billion Google searches. And we’re not just consuming it, we’re creating it. We’re the data agents. We generate over 2.5 quintillion bytes everyday from consumer transactions, communication devices, Tadalafil online behavior, streaming services. In 2012, the world’s information totaled over two zetabytes, that’s two trillion gigabytes. By 2020, that number will be 35 trillion. By 2020, we will need 10x more servers, 50x more data management and 75x more files to handle it all. If we are like most companies, then we aren’t ready. 80 % of this new data is unstructured. It is too large, it is too complex and too disorganized to be analyzed by traditional tools. There are 500 thousand computer scientists, yet only 3000 mathematicians. We will fall short of the talent needed to understand Big Data by at least 100 thousand. To find opportunities in big data, we need new tools and new talent to mine this information and find value. We need Big Data Analytics. Big data analytics is more than technology, it’s a new way of thinking. It will help companies better understand customers, find hidden opportunities and even help our government better serve citizens mitigate fraud. It will inspire hundreds, thousands and even millions of new start-ups. It will alter the landscape across virtually every industry and finally answer the questions looming over every CEO’s head: How can my business use big data? What problems can it solve? Who should be leading the charge, the Chief Information Officer? Chief Marketing Officer? or the Chief Data Scientist? In every revolution, there are opportunities. Opportunities that will be seized only by those armed with the right tools and the right strategy. We are at the beginning of Big Data Revolution. Are you ready?
Author is Shreesti Ghosh, Second Year Student, FIIB
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