You can’t turn on a website or look at a social media app without reading about big data. However, like many overused buzzwords, most people don’t know what it means.
Rich Batenburg Jr, of Cliintel in Denver has been involved in what we call big data for 20 years. He refers to his firm as “data scientists.” Batenburg defines big data as “having many facts across many dimensions of your business. Data Science allows you to pivot to understand what is going on now and let you forecast what will be going on in the future.”
In other words, big data is multiple data sources which are created by many systems.
Big data can also refer to big websites with big user groups and big amounts of information collected.
Just about everyone has big data. This is due to the facts that .processing has become so cheap. Companies have many applications, many businesses units. This gives firms more facts than they can possible digest. More and more administration systems create more and more data.
Inexpensive processing means we can collect and store and share more data. As an example, today’s Iphone has more processing power than all the computer power on the spacecraft NASA launched in the 1960’s.
The trend is that everyone is harvesting everything. In another example, a 1 terabyte hard drive now costs $80 and you can be bought off the shelf at any retail electronics store. Batenburg compares this to spending $1 million for same storage space 10 years ago.
So is it logical that big data can be the next big global industry?
Batenburg says: “It already is!”