Data are now woven into every sector and function in the global economy. The modern economic activity simply cannot do without them. The use of Big Data is becoming a crucial way for leading companies to outperform their competitors. In industries, established competitors will leverage data-driven strategies to innovate, compete and capture value. How? Let’s see. . .
Up until now, the torrent of data flooding the world has been a phenomenon that probably only excited a few data geeks. But that’s changed now. According to research from McKinsey Global Institute, the sheer volume of data generated, stored and mined for insights has become economically relevant to businesses, consumers and governments.
In addition to the sheer scale of Big Data, the real-time and high-frequency nature of the data is also important. For example, ‘nowcasting,’ the ability to estimate metrics such as consumer confidence immediately (something which previously could only be done retrospectively), is becoming more extensively used.
This adds considerable power to prediction. Similarly, the high frequency of data allows users to test theories in near real-time and to a level never before possible.
Isn’t that just awesome?