Big Data and Its Transformative Effects Across Industries
Unless you’ve been living under that proverbial rock, you’ve at least heard the phrase big data, even if you were not entirely sure what it implied. We live in the age of information, when data is worth more than currency. In fact, an organization’s most valuable assets are no longer inventory or employees or even clients. That term now applies to information contained within a business’s various systems and applications.
Big data is doing more than simply providing businesses owners and decision makers with an additional range of information. In industries around the world, it is driving growth and evolution. It is fostering innovation and change.
In short, big data is driving and transforming virtually every industry in existence and it is doing so in some surprising ways. Within this ebook, we will explore the topic of big data in greater depth, including not only what it is, and the benefits offered to organizations capable of tapping into it, but with real-world examples of how it is transforming industries.
What Is Big Data?
According to Forbes , via contributor Lisa Arthur, CMO and digital marketing specialist. She notes that, “Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.” Arthur notes that big data cannot be applied exclusively to digital inputs, either, and that you must also understand that it can be both unstructured and multi-structured in nature.
The Benefits of Big Data
Before we dive into this chapter, understand that we’re going to paint the benefits of big data in broad strokes. In chapter 3, we’ll cover specific benefits and how those are driving innovation and evolution within industries. For now, we’ll limit our discussion to wider benefits that can be seen (and enjoyed) across industries.
- Cost Savings
- Save Time
- Product Development
- A Better Understanding of the Market
- Reputation Management
How Big Data Is Driving Industry Evolution
We have looked at what big data is, as well as some of the broad-stroke benefits that businesses and organizations can enjoy through big data analytics. However, that is insufficient to highlight just how transformative, even revolutionizing, the application of big data is within industries across the planet. In this chapter, we will take a closer look how applications of big data are driving change across entire industries.
- Financial Services
Sigma Data Systems has crafted an eBook regarding the transformative effects of Big Data . Please read the eBook for detailed information.