5th August 2014
Businesses here are encountering the term ‘big data’ ever more frequently. For clarity, ‘big data’ simply describes any collection of data too large and complex for conventional databases to analyse efficiently. The result is that you have to adapt and apply new approaches to accommodate this, but for companies which exploit it correctly ‘big data’ insights can prove transformative.
Big data provides new commercial opportunities in terms of not only the sheer volume of data that can be handled but the speed at which that can be achieved. Large data sets with many different types of information are a goldmine of information, making it easier to spot trends, find correlations and assess the quality of research. What makes this technology so important today is that it has many real world applications in everything from finance and health diagnostics, through to product development and advertising.
Our business community can meet the challenges presented through ‘big data’ by promoting, sharing, even demystifying the technologies and practices involved. And next week’s Big Data Week event series is designed to facilitate this.