From social media, medicine to space, Big Data has changed the pace at which the fields of science and business grow. Here’s a closer look at why Big Data is a big deal.
Big Data: the concept is expeditiously becoming a buzz-word around corporate houses and governments. So, what exactly is Big Data? Let’s say after watching a movie, you commented on Facebook or tweeted on Twitter. Your friend does the same, and so does your neighbor. Now imagine millions of people around the globe reviewing, commenting, tweeting, blogging, clicking pictures, all about the same movie over the Internet, makes it a data worth billions of bytes. This data spread across the Internet, unstructured, is called Big Data.
In recent years, the Internet boom has given birth to new terms and abbreviations in data management, like never before. Technology Magazine Baseline states that “90 percent of world’s data has been created in the last 2 years.” The Internet is at the dawn of approaching data equivalence of Yottabytes (1,000,000,000,000,000,000,000,000 bytes!), and it would be no surprise when the Internet dictionary gets yet another word after that. For small businesses it might be a steep ladder to analyze such humongous data for their benefits, yet according to McKinsey – a business using big data to the full could increase its operating margin by more than 60 percent. Read More..