Why Big Data is Here to Stay

The amount of data growth in our world has been exponential, whether it be in the health industry, gaming industry, or government. The rise of multimedia and social media will additionally fuel competition amongst companies to try to pin down big data.

There are many ways in which big data can be valuable. The main reason would be to make information more transparent and usable much more easily and accessibly. In addition, as organizations gather more and more data, they are able to collect more accurate representations of their target groups, thus allowing them to expose previous anomalies and boost accuracy. By doing this, the companies are able to provide much more precise services as their products are being tailored to a narrower scope of customers. 

All companies at this point should be considering big data seriously to be a competitor for years to come. Analyzing and utilizing it correctly could prove to save lots of money in the future and also provide new levels of productivity and profit. There is projected to be a drought of people and talent that is capable of analyzing big data in the near future. By 2018, it is projected that there could be a shortage of 140,000 to 190,000 people with the analytical skills required to make such decisions. The implications for big data are huge and if handled correctly, can be profitable for many people. 

 

Source: http://www.mckinsey.com/insights/mgi/research/technology_and_innovation/big_data_the_next_frontier_for_innovation

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