“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” (Geoffrey Moore, author and consultant)
The study suggested that by 2020, 1.7 MB of data will be created, every second for every person on earth. In other words, we live in a world ruled by data, and it’s only going to expand in the following years. Because the world’s population is growing, so does the internet and the amount of data. Data is being created all over the world every minute from clicks, shares, likes and other activities.
Big data means a big volume of data that is provided to a business base daily. However, it isn’t the amount of data that matters the most, but how businesses use that data. If it is used effectively, they can accomplish various tasks such as: predicting defects and causes of failure, generating habits on people, calculating risks, therefore, improving satisfaction and results. All types of organizations can benefit from using the big data (e.g. banks, government, manufacturing, education)
The example of such study was carried out by Telefonica with the aim to improve the experience of visitors of one of the most popular museum in Madrid, Reina Sofia Museum. There were different activities that were used, for example, chasing media and social networks, monitoring calendar of festivals and so on. In short, it was done in order to improve the future experience of visitors by detecting what they like or don’t like and what they expected from their visit.
It’s often said that the future is digital, but as these predictions indicate, the future is already here, and more than we can imagine lies ahead. With data intelligence, investors and financial institutions can make smart decisions to minimize investment risks and maximize monetary returns. They can streamline corporate structures and displace control departments. Ultimately, these technologies can help organizations save money across the board. Without continued investment, strategic partnerships and commitment, we risk backtracking.
To conclude, Big Data brings people and systems together to create digital connections in organizations.