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Arrival of "Big" Data " - Coggle Diagram
Arrival of "Big" Data "
Data points being replaced by ephemeral big data streams
Most firms fail to capitalize on data in hand
Data is the sawdust of our era
Generated every time a piece of software runs
Can be mined for insights to shape stuff, optimize operations, and new business
models
Opportunities
Generating foresight🡨cheap computing horsepower speeding transformation
Example
Challenge: How to use such foresight to deliver more business value
Discovering what causes what
Example
Correlation in statistics ~ Walmart’s beer and diapers sales on Friday night
Can tweak things that cause sales, returns, or customer loyalty
Causation is the Holy Grail of prediction
Digitization-infusion-ubiquity trifecta perpetuates these data streams
Coming from interconnected supply chains, mobile devices, IoT, social media
Example
Walmart produces over 200x entire Library of Congress every hour
Boeing 787 jet generates 2,500 iPhones worth every hour