Kirstin Gillon asks how relevant is this trend for other businesses that haven't been focused on data before?
The term ‘big data’ certainly reflects the enormous volumes of data that we are now generating in the world. The techniques around big data are also about exploiting new sources of data or making better use of unstructured data, such as images and free-form text. In addition, it’s about making use of data in a real-time manner.
This is often referred to as the ‘3 Vs’ of big data – volume, velocity and variety. But what’s really new here? Most of the time we are talking about things that businesses have always done – using There has been a lot of talk about big data and analytics in recent years, with companies such as Google and Amazon building hugely successful business models based on the exploitation of data.
But, asks Kirstin Gillon, how relevant is this trend for other businesses that haven’t been focused on data before? data and information to understand activities and stakeholders better. There are some new elements, though, for example:
Enormous growth in computing processing power is enabling us to capture, process, analyse and share more data and more complex data.
The tools have become easier to use, so that programming skills are no longer needed, making more sophisticated techniques more widely available.
Research in the field has become more applied as businesses are looking for answers to more difficult questions, so efforts are focused on finding sophisticated answers to complex, real-world problems.
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