In order to remain competitive, and viable, businesses now have to deal with a vast and rapidly growing sea of what has been termed ‘Big Data’. They need to be able to transform this raw data, often in real-time, into more meaningful insights about their markets, customers, competitors, and to measure and manage their performance more accurately using using techniques such as ‘Data Analytics’. In many cases this represents a paradigm shift from their comfort zone of approaches based more on experience, guesswork, or painstakingly constructed models of reality.
It used to be that Big Data and Data Analytics were the preserve of large global corporations but consider this definition for Big Data: When volume, velocity and variety of data exceed an organization’s storage or compute capacity for accurate and timely decision making. Big Data is a relative term. Every organization will rapidly reach a point where the volume, variety and velocity of their data will be something that they have to address.
Read the full article at: www.datasciencecentral.com
This was a fascinating piece!
