Big data is large data sets collected from digital and traditional sources. This is information like my Apple Watch sleep stats, my Google Maps route to work, my Netflix viewing history and so on.
These sets are used to identify trends and patterns.
This information is then used by a company to improve what it knows about a customer’s wants and needs so it can make sound decisions based on that data.
It’s how Amazon knows what book you might be interested in purchasing next.
Michael Dell says big data is “the next trillion-dollar opportunity.”
Former Intel CEO Brian Krzanich proclaims it is “the new oil.”
There’s a mad rush to get in. Coca-Cola, Comcast, ING, Nasdaq and TransUnion are all jumping feetfirst into big data.
In fact, 90 of the Fortune 100 companies are investing huge amounts of money.
The Financial Post declares this master technology is “the new fuel to run the world,” and Forbes says it will “change the course of human history.”
Bottom line: Big data will ignite a technological revolution.
And as the Great American Reset gets underway, pushing America into its greatest economic boom thanks to the coronavirus rebound, big data will grow at an even faster rate.
As I mentioned above, big data is a collection of information that a company (or app or individual) generates that needs to be analyzed and processed.
Data comes from a lot of different places. These range from social media posts to financial records down to its internal emails and audio and video files.
When used correctly, big data enhances a company’s productivity and the quality of its products and services.
Fully processed big data can also help a business understand market conditions by analyzing consumers’ shopping habits, allowing the company to find out which products are top sellers and which are flops.
More Data ... More Money
When you consider that over 325 million new devices (such as smartphones and tablets) are connecting to the internet every month, it’s not surprising to find out that 90% of all data recorded in human history has been generated in the last two years.
The amount of data is expected to soar in the next five years...
In fact, by the end of 2020, the world’s data output will explode to 44 trillion gigabytes.
To put it another way, if the data we collected throughout all of human history up to today were the size of a tennis ball, the data we’re going to generate in just the next several years is going to be bigger than the Epcot Center.
Until now, there’s been a big problem with all this new data: The majority of it is crude and unrefined.
In fact, roughly 80% of it is currently worthless.
This crude data, sitting on servers, is like having billions of barrels of crude oil just sitting around. It’s useless until it’s refined by analytics into what I call “digital gasoline” — information that can actually be used to generate big profits.
At Automatic Fortunes, we see big data as a tipping-point trend: It’s a trend that’s been building for decades and has now reached critical mass. In the next decade, big data will help us make decisions about everything in our life ... from the movies we watch to the food we buy to the route our self-driving vehicle takes to work.
Big data and its use with artificial intelligence could someday even be used to predict the places and blocks of time crime is likely to happen. Digitized medical records could improve doctors’ diagnoses and even lead to decreased health spending by as much as 12% to 17%.
As you can see, big data isn’t just about finding something to watch on Netflix — it’s about saving lives and resources.
And as it grows, it will usher in the Great American Reset — the greatest economic boom of our time. To learn more, click here.