Data. Why is such an often overly uttered word one of the most puzzling and difficult to understand, Forbes reports?
According to a recent Gartner survey, “64 percent of organizations have invested or plan to invest in Big Data in 2013.” Paradoxically, according to The Global Language Monitor, “Big Data” heads the 2012 list as the most confusing buzzword of the decade so far.
Perform a search on “What is Big Data?” and Google will return more than 1.8 billion results. Looking for answers? You have to dig deep.
To begin to understand Big Data, it is helpful to understand where the term came from. According to onepointiq, a Big Data consulting firm, “’Big Data’ is a relatively new term for one of information technology’s oldest trends: the exponential growth of business data.”
This growth is made possible in large part by the advancement of technology. The onepointiq graph below shows the growth of disk drive average capacities – from 1MB in 1980 to 1TB in 2010.
However, massive amounts of data made possible by advancements in technology have no inherent business value. To uncover the value of Big Data, we need to understand what it means to the very individuals who are responsible for leading businesses today.