How Data Analytics Help Navigate the Ocean of Big Data
For over 50 years, Big Data Analytics has continued to grow from a niche industry into one of the necessary foundations of modern data driven business. In that time, the sheer volume of data has grown exponentially to a level where analysis through traditional means is nearly impossible. Every two days we create more information than was created in all of human history up until 2003. This amount of data presents both a challenge and an opportunity for businesses that can unify structured and unstructured data silos, contextually analyze the feedback, and execute data driven decisions from the results.
In 1965, the US government built a Big Data center for the IRS to store vast amounts of tax information. This was one of the first examples of a huge entity gathering large volumes of data for analysis in order to discover trends and patterns. By 1976, the emergence of the SQL data processing language allowed MRP Systems to gain popularity using it to process Big Data for the manufacturing industry, and in 1995 the first supercomputers were being used to process massive amounts of data for a variety of uses. This era was the dawn of Big Data as we know it, and today, companies of every kind are leveraging the advances in analytics to their benefit.
Below are some statistics on how businesses are drowning in Big Data and using it to the best of their ability to gain better understanding on a wide variety of information. Some important stats from the infographic reveal how important Big Data is, but also how difficult it still is to analyze.
- 71% of businesses are using analytics to process Big Data.
- 65% of businesses are using data to execute business decisions.
- 89% of businesses believe that Big Data will revolutionize how business is done.
- 99.5% of stored data is never analyzed or used by businesses.