There is a pool of data rising rapidly and we are swimming in the pool of data. Huge volume of data and information has been created for millions of connected people, millions of sensors and millions of transactions. Data is being gathered from all the sources including daily lives, oceans, soil, ships etc. Since the data is increasing to large level, in future the data won’t be having any place. Many people like leaders, corporate leaders, health officials, education specialists have wondered whether the data can provide an insight into the behavior of people, their response to various products, their buying intentions and other policy programs. So we are entering the era of Big Data.
Earlier, the White House Office of Science and Technology Policy (OSTP) announced a new initiative for Big Data Research and Development to spend more than $200 million so that the government is organized and functions in a better manner to analyse huge volumes of digital data. The project is made to build technologies that will help in collecting, storing and managing huge volumes of data. OSTP wants to utilize the technology to make new discoveries in science and engineering fields which in turn will help in national security and education.
How Big Data is significant? A recent industry report by global management consulting firm McKinsey has given explanation that five different types of value can come from the huge amount of data that is available: 1) Efficiency of an organization can be increased by creating transparency in the organizational 2) Thorough analysis of systems and employee performance in methods that allow feedback and experiments 3) Customized actions with the segmenting populations 4) Automated algorithms has helped in replacing/supporting human decision 5) New business models, products and services can be innovated and developed. This article explained the future for Big Data in analytics market.
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