The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Sumit Kumar, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
The amount of data in our world is exploding with internet penetration. Analyzing large datasets, so called big data has become the key for the any firm, company or nation to provide best services to its customer or citizens. The rise of social media and internet of things has acted as a boost to big data technologies. Big data can be defined by three V (velocity, variety, volume).
Big data technologies could be used implemented in many sectors. With continuously changing external environment organization can use big data to predict the future trends to help them in taking decisions and formulating strategies. This is creating huge opportunity for big data industry to grow at a fast pace.
As earlier said, big data can make firms more efficient by reducing risks and by taking decisions based on concrete information thus increasing the bottom line of financial reports. But the big data industry is lacking the talent to capture various trends imbedded in big data. By 2018, US will face a shortage of about 140,000 to 190,000 data scientist. Apart from this policies related to privacy, security and intellectual property need to be addressed.
Big data has the potential to change the way we business is done today and can be used to implement government policies in efficient way.