Big Data is a popular term today that references the huge volumes of business and consumer data being collected and stored by organizations, which cannot be effectively data mined due to the limitations of commonly used software tools that capture, manage, or process the data. While first diagnosed in the science, government, healthcare and military industries, the vast volumes of consumer data being produced through social technologies has landed this reality – and this problem – on the desks of CMOs globally.
Not only is data being produced at lighting speeds, the devices used to produce, broadcast, measure, store and share that data are on the rise, which then fuels further content generation. The cycle is creating a Big Data cyclone that organizations will continue to struggle with.
The world’s technological per capita capacity to store information has doubled every 3 years since the 1980s. Today, 2.5 quintillion bytes of data is produced daily. To seize the opportunity, firms like Oracle, IBM, Microsoft, and SAP have spent $15+ billion on software firms that only specialize in data management and analytics.