What is Big Data?

The IT sphere confidently fills the space around people. However, the knowledge gained cannot go “nowhere”, and, given the colossal size, the storage must be voluminous. Humanity has long switched to digital media, and they all vary in size.

To work with large amounts of information, you need a special set of tools and techniques that allow you to use them to solve specific problems. In fact, the totality of various data and tools for working with them defines the term Big Data.

This socio-economic phenomenon is directly related to the emergence of scalable technologies that allow you to work with a huge amount of information.

Processing the information field is necessary to provide users with a specific result for effective use in the future. That is, as a result, a person should receive the most useful information about various objects or phenomena, as well as weigh the positive and negative aspects to choose a further solution. Artificial intelligence builds a rough model of the future, proposing several options, and then tracks the achieved result.

Existing analytical agencies are running a simulation program to test various ideas. It assumes and gives out a ready-made solution to the problem. That is, all steps are fully automated. Thus, Big Date can be safely called a modern alternative that has replaced traditional analytical methods.

These days, they generate data on a regular basis: when they open an application, search on Hyperlab, shop online, or just travel with a smartphone in their pocket.

Why need it?

The peculiarity of big data is that the data array continues to grow exponentially over time, therefore, the computing power of supercomputers is required for the operational analysis of the collected materials.

Working with Big Data helps firms attract more customers and increase revenues, use resources efficiently and build a competitive business strategy.

Thus, big data is characterized by three main features:

  • a large amount of information,
  • high speed of information change,
  • diversity and heterogeneity of data.

The present and future of big data

MGI and McKinsey’s Business Technology Office hypothesized, based on their research, that Big Data would become a key competition platform for a new wave of productivity growth and innovation. Seven key messages were made:

  • data is an important factor of production, along with labor and capital;
  • different ways of using big data: increasing transparency; a collection of more accurate and detailed information; a more accurate view of customers; improving the quality of solutions; development of the next generation of products and services.
  • the use of large amounts of data is the basis of competition and growth for companies;
  • big data is at the heart of a new wave of productivity growth;
  • in some sectors of the economy, big data can generate significant profits;
  • shortage of big data consulting firm;
  • new threats and challenges (privacy, security, intellectual property, and even liability policies).

Five years later, the transformational potential of big data is being confirmed. The volume of data continues to double every three years (information comes from wireless sensors, virtual reality, mobile phones, automated control systems), while its cost has plummeted.