Big data potentially contains extraordinary insights and predictive abilities, but only to those who know how to utilize the information. According to 451 Research’s, Market Monitor & Forecast, “the Total Data Market is expected to nearly double in size, from $60bn in 2014 to $115bn in 2019.”
In a recent Huffington Post article, Why Big Data Matters, the author states,
“New developments in data analysis are crunching this data in shorter and shorter time frames. Data is captured in milliseconds and microseconds.”
The article also states,
“By observing and measuring recurring characteristics and phenomena in the financial markets, data scientists are able to pinpoint winning stocks, predict market crashes, detect market manipulation and the like. Not only institutions benefit from the advantages of short-term financial data analyses; smaller investors can benefit, as well.”
All this data being crunched at a speed that is increasingly approaching real-time means that big data algorithms could soon have immediate effects on decisions being made about our lives in virtually every sector of the economy and every corner of society.
According to a new report by EY and Forbes Insights, Building Trusted Relationships Through Analytics and Experience, which surveyed over 300 US-based executives, the study concluded that,
“companies are realizing they must leverage data and analytics to better understand and serve their customers as well as predict their future needs and preferences.”
Before the advent of intelligence technologies, marketing and business intelligence teams would need to hand-pick relevant news items, organize their relative importance, and spend considerable time correlating the info into reports to share with their team members. This left little time to utilize the information strategically and almost no time to make real-time decisions.
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In the News:
Why Big Data Matters, Huffington Post June 10, 2015
Building Trusted Relationships Through Analytics and Experience, Forbes June, 2015
Market Monitor & Forecast, 451 Research
Big Data: Seizing Opportunities, Preserving Values, White House Report
What is reportbrain?
reportbrain is an integrative start-to-finish intelligence platform that helps you process information for insightful business decisions.
reportbrain allows you to:
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Report in Style: drag-and-drop articles and add your own editorials to communicate information effectively.