We are only halfway through the year, but Big Data seems on track to be crowned the official “hot” customer experience term for the year 2012.
A quick definition of Big Data from my pals over at Vivisimo:
“While “big data” lacks a formal definition, it generally refers to extremely large data sets that are too complex, diverse and/or fast-moving to manage and exploit using conventional data management technologies and methods.”
Yes, Big Data means an amount of data so large that it makes your company’s network break down in the corner and cry.
The infographic below from the folks at Get Satisfaction provides an excellent introduction to the scope of the issue and why Big Data is important to understand both as professionals and consumers.
A few statistics on Big Data from the infographic stand out:
- 15 out of 17 sectors in the United States have more data per company than the Library of Congress.
- The potential increase in retailers’ operating margins from big data could be 60% (another advantage large corporations will have over small business).
- Globally generated data is growing at 40% per year!!!
I hope the above infographic helps give a sense of the importance of Big Data. We will speak more about Big Data in the coming months, as this trend is only going to increase in importance to our businesses and lives.
PS. All of the statistics from this infographic come from a report from McKinsey (pdf). Most of the actual report is not overly technical and worth taking a peek at.
What do you think of Big Data? Have you put on your tin foil hat yet?