A report by IBM concluded that 90% of the data available today has been generated in the last two years. This explains the unprecedented focus worldwide on big data—the evolving collective of structured, unstructured, and semi structured data used extensively in analytics to drive business decisions. Big data which was initially referred to as the three Vs–volumes of data, variety of data, and velocity at which data is processed, has today evolved with the addition of many Vs to the definition. Undeniably, big data has ushered in big changes.
Big data—too big to ignore in the digital ecosystem
A report by Information Week highlights that companies use only 12% of the information that is collated/generated, leaving out a staggering 88%. This revelation means that businesses are effectively losing out on insights that could have transformed their business. Furthermore, a report by McKinsey states that three out of ten pricing decisions of companies fail, building a case for how data iscontinue reading →