Data is everywhere. Data is being collected through websites, intelligent devices, mobile devices etc etc. Everything we do on any channel is being captured by someone. Content is also being generated in large amounts:
The world is drowning in data. Soon, it’s estimated there will be 1 trillion Internet-connected devices in the world.
Every day, 15 petabytes (1015 or 1,000,000,000,000,000) of new information is generated — eight times more than the information in all the libraries in the United States. This year the amount of digital information generated is expected to reach 988 exabytes (1018 or 1,000,000,000,000,000,000). This is equivalent to the amount of information if books were stacked from the Sun to Pluto and back.It’s not a new problem, of course.
The information explosion can be traced back to the invention of the Gutenberg printing press in the mid-1400s. By 1500, printing presses had produced over 20 million volumes and in the following century that rose tenfold. Fast forward to 20 years ago when Information Anixiety was published and stated that “more information has been produced in the last 30 years than in the previous 5,000. About 1,000 books are published internationally every day, and the total of all printed knowledge doubles every eight years.” The data problem is accelerating faster and faster. Now, the amount of digital information increases tenfold every five years.
Wow, that is mind blowing. But what does this mean to us. If we are to make use of this data in business, there have to be ways of enriching, analysing and then using this data for business purposes.
BIG DATA IS HERE. Most enterprises have difficulty with their own internal data, never mind looking on the web. However, new companies like Facebook, Google, Linkedin have all demonstrated that they can handle large amounts of data and commercially exploit the value of it.
Some questions to ask:
Why are companies collecting this data?
What can they do with this data?
How data help us find new idea, solve business problems, solve economic problems, solve environmental problems, solve …..
I will follow up to answer some of these questions in later posts