Big Data:’Big Challenge, Big Opportunity

While it is popular to say that advances in technology are making the world grow smaller, anyone involved in the collection, storage and processing of data knows this statement is far from true. As technology advances, so too does the size, scope and complexity of data collected. Facebook, a social platform which only became available to the masses about five years ago, sees 30 billion pieces of content shared each month.

Beyond the explosion of social media, exponential increases in the scope and use of remote monitoring and sensing technologies, as well as constant growth in the collection and indexing of data by online search engines and other Internet tools, have all combined to create a giant flow of data the likes of which the world has never experienced. Further exacerbating the situation is the proliferation of portable consumer internet devices, such as smartphones and laptops.

Big Data challenges modern organizations by forcing them to develop and use tools that can extract valuable business information from any kind of dataset as fast as possible (near real-time) with a low cost in order to make the business more agile and dynamic. This will create the chance to explore new opportunities of adding new customers and hence, increase revenues.

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