These days, everyone’s tossing around the term “bigdata.”
The term is nothing new, businesses have been collecting and analysing data since the 1950s, before the two words were ever even uttered. Take a look back in time and you’re likely to see someone laboriously poring over a sheaf of spreadsheets, manually going through row after row to identify trends and gain insights.
But the spreadsheet approach was reliable in that it could impact future decision making. Data has always had value to businesses because they can use the information and associated analysis to increase operational efficiency, reduce costs and serve their customers.
Today, however, instead of manually processing data, data analysis technology makes it possible to make immediate decisions, giving companies a leg up on their competition.
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