What is Big Data?
If you spend much time at all online, you’re bound to come across a news outlet, business-related article, or a tweet exclaiming that Big Data is the future. After closer reading, each of these pieces will boast of data being generated by businesses and consumers alike at exponentially greater rates. The curious bit is that these sources almost seem to qualify the sheer volume of data being generated as proof of the existence and value of big data. But any data professional will tell you that simply the existence of large quantities of data doesn’t qualify as big data. It’s the ability to quantify, qualify, analyze, and most importantly, prove the validity of the data being collected that the business world is investing in. In short, big data becomes valuable when it can be effectively and efficiently used to provide insight to future trends. It can only accurately predict trends, of course, if the data can be trusted.
The Data Generation Trend
The emergence of the Big Data trends stems from the dramatic increase in the amount of data individuals create. By 2020, each individual on the planet will be generating 1.7 megabytes of new data every second. That means our universe of data will grow to a staggering 44 zettabytes - an amount of data so large that many would accuse data scientists of simply making up words in order to document data on such an enormous scale.
But simply the creation isn’t valuable for businesses or government entities. Indeed, this huge increase in data generation has caused organizations of all types to drown in unorganized, unqualified data. In fact, many businesses seem to be at a loss at how to deal with this data. In fact, only .5% of data being generated by consumers is ever analyzed by businesses. So, why does Big Data get so much publicity when so little of it is valuable to businesses? More importantly, what advantages and insights lay dormant in this untapped treasure trove of data?
How Can a Business Benefit?
The first step in taking advantage of data is to find a tool that can organize data where it’s stored. Being able to assess multiple databases at once helps decision makers to get a complete view of their data, rather than being limited to viewing reports and metrics of one database at a time. Tools of this variety come under various guises, sometimes called business intelligence tools, data manage applications, and the like. What’s key is to find a tool that does more than just pull data from various databases and displays the data. The real value comes when you can identify a tool that can actively verify the quality of your data in real-time.
The ability to verify the authenticity of your data is crucial, as it allows decision makers at all levels within the company to base important decisions on accurate and up to date metrics. After all, the value of utilizing Big Data comes when businesses and governments have access to accurate data, not just massive amounts of less-than reliable data.
To find out more about how your organization can benefit from accurate, trusted data, be sure to contact one of our data professionals. You can also browse our extensive documentation about our products and services here.