Love it or hate it, big data is here to stay. As data volumes and sources of data proliferate at ever increasing rates, leading companies will be forced to plan for a data-driven future. Data is pervasive. Businesses operate in an Age of Data. Rapid access to the latest data can accelerate innovation and disrupt traditional markets. Businesses are finding new ways to do business that serve their customers more effectively and responsively. Businesses can adapt or risk burying their heads in the sand. Should there be any doubt about the prevalence of data, consider just a few “data points”:
- IDC estimates that by 2020, business transactions on the Internet will reach 450 billion per day
- Walmart handles more than 1 million customer transactions per hour
- More than 5 billion people are calling, texting, tweeting, and browsing on mobile phones worldwide
- More than 30 billion pieces of content are shared on Facebook each month
- It is estimated that the volume of business data worldwide doubles every 1.2 years, or sooner
- Data production will be 44 times greater in 2020 that it was in 2009.