Quick & short recap on 'What is Big Data?'
Today we have got computers is in our pocket, in cash registers, in cars, in TV , in our credit card & everywhere else. Data is being generated by these computers (aka devices) and it is up to the companies to decide if they want to tap this data. The hardware cost have gone down considerably and companies have realized that they can afford to store more of their data & this analyzing this data will give them a 'more detailed insight of what they are, what their customers want, how companies can improve themselves, how to retain existing customer & get new customer & also save operations cost at the same time'.
According to a research estimate Health Care industry can save up to 300 Billion $. These are just numbers but the fact is Heath Care industry is an early starter and companies have used Big Data to optimize their processes and deliver better, faster,. There are transport companies that are using big dat to optimize the trains running on the lines by optimizing the routes, by optimizing their engines and are helping companies save billions of dollars in fuel cost.
The change has started and companies are adopting Big Data based on the opportunities. The fact is with Big Data related technologies it is possible to store large amount of data, process it in 1/10th of the time and derive value from the data. Companies who adapt to the change over next 10 years will survive the competition. Just collecting data is not enough and unless the data is analyzed companies will not get the value from their Big Data.
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