The conversation of Big Data is a recent phenomenon among business leaders, stakeholders and decision makers. Over the last couple of years we have seen Big Data transition from a buzzword, to hype, to reality. It was a buzzword when people still didn’t understand what it meant. It was merely hype when people didn’t understand how to use it. It has become reality because people now understand the value of it.
It is widely said that big data is the backbone of the digital economy; but it is more than that. We may soon see that it becomes the backbone of the entire economy, as it is the fuel for innovation and positive change for businesses of all industries. Or at least, it can be.
For most of our history, the challenge when it came to data was creating and collecting enough of it. Because 90% of the world’s data has been created within the last two years, there is certainly no lack of data today. Instead the challenge we have today, and will continue to have into the foreseeable future is making sense of the data.
Raw data alone is just that…data. It means nothing to most people.;