There has been a lot of talk in recent years about what big data is and how this concept is going to change the world and the way we do business. It is astounding how much data we generate every day. It has been calculated that we create 2.5 quintillion bytes of data per day, resulting in 90% of all data in the world has been created in the last 2 years.
This data comes from social media, videos, pictures, GPS signals, transaction records, climate information, and so forth. All of this information is extremely difficult to mine but necessary in order to unearth trends and insights that can impact customer relationships and improve business performance. The challenges and problems arising with big data and harnessing all this information is the volume, variety, and velocity at which the data is presented.
What are the results? With proper analytics of big data, companies have seen big returns on investment. IBM reported healthcare industries decreasing patient mortality by 20% using big data, Telco decreased processing time by 92%, and a major utility company improved their accuracy by 99% after analyzing 2.8 petabytes of untapped data.
With the speed at which technology moves nowadays, we can sure that early adopters of big data analytics will be greatly rewarded while laggards will be punished by their inactivity.
Don’t let your company be left in the dust! Learn how to use big data for your business by attending the July 24th Silicon Peel Meetup on ‘Big Data and Open Data’ hosted at Microsoft Canada in Mississauga. For questions or comments, please contact Darren Lum at communications@riccentre.com.
