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Arrival of "Big" Data with TWO (2) opportunities. - Coggle…
Arrival of "Big" Data with TWO (2) opportunities.
The “big” in big data is not simply a magnification of volume but rather one qualitative difference
Ephemeral data streams are supplanting data points
Ephemeral means that the data lasts for a very short time because its volume far exceeds our capacity to store it.
If you do not use it within a brief moment, you lose it.
Streams means that the data is continuously flowing as a series of data points.
An instructive analogy is to think of data points as a lake and data streams as Niagara Falls.
IT has historically been built to manage ever-growing data points
The digitization-infusion-ubiquity trifecta perpetuates these data streams.
Firms now have data streams coming from instrumented, interconnected supply chains; mobile devices; Internet-connected things; and social media.
Walmart produces over 200x entire Library of Congress every hour
A Boeing 787 jet generates forty terabytes of data every hour in flight; it would take 2,500 iPhones to store it
Most firms have more data than they know what to do with. They often fail to capitalize on the data that they already have
Big data raises the bar for what constitutes a valuable insight.
If your archrivals can extract and act on a valuable insight faster than you can, it is worth far less to rediscover it.
Two untapped opportunities
1.Generating foresight cheap computing horse power speeding transformation
Challenge: How to use such foresight to deliver more business value
Micro segmentation, dynamic pricing and instantaneous price discrimination
2.Discovering what causes what
Correlation in statistics
Walmart's beer and diapers sales on Friday night
Causation is the Holy Grail of prediction
Can tweak things that cause sales, returns or customer loyalty