Big Data Economy

Welcome to the new world where data is the new money, the Internet is the new currency, and big data is the new economy.

The world we live in today sees a different perspective of “power” and “money”, when back then everything used to be conventional and physical transactions where oil-gas or mining or banking were the kings of the game. Fast forward to almost five decades since the first invention of computers, then the Internet and who would have thought that we now live in an all-digital world where fully data surrounds our lives!

The increasing rapid evolution around the tech industry has brought immense impact on how we create and value innovation today, eventually shaping the life of humans through digitalization and close to the Internet. This rapid interest in data powers the engines of innovation and transformation across industries and the influx of data, we call it “BIG DATA” – a vast and complex set of digital information.

In simpler terms, big data explains the “many” and “large” data that is generated, collected, and processed at an unprecedented scale, both in terms of volume and growth. Think of it as a digital ocean filled with all kinds of information. From data on weather, food, music, and everything that has always existed in the world but with big data, it is possible to cost-effectively collect that information and use it in an informed manner.

Just like that, all 8 billion humans today generate a vast amount of data, each data that includes everything from transactions, social media, online activity, medical records, credit information, and all the data that is connected with the Internet. From that, a lot of companies and businesses seek opportunity and utilize big data to make that information a valuable asset and growth. But… HOW?

Big data is not just about collecting, storing, and managing all that vast data but also understanding how to extract valuable insights from it. The big data economy fuels innovation and business growth from advanced analytics, machine learning, and artificial intelligence to find patterns, trends, and correlations within those ocean amounts of digital information. 

This “economy” produces high-value insights to make better outcomes, improved products, more informed business decisions, predicts preferences and behaviors, and many more competitive advantages to companies and businesses which means gaining financial and smart strategies for sustainable growth. The era of one-size-fits-all is over and the big data economy enables businesses to tailor made products and services to each preference of the changing market and trend – because eventually everyone will be in the data business!

As big data offers immense potential with the current state of constant evolution, a clear shift towards the data business is shaping a new economy with how it is profitable and carries valuable assets. It is important for companies to start understanding the fast-moving tech landscape and adapt to the agility of the data business because “Big Data is Big Money” and your business wouldn’t want to miss out on that opportunity!

Here at BIGIT, we curate personalized In-House Training facilitating around the emerging tech trends and rapid innovation of the tech landscape. With supporting experts and partners, we value bringing our clients the best and most comprehensive experience to share. Open your eyes and brighten up your mind with BIGIT.– Reach out to us or  CLICK HERE to learn more!