The Challenge with Big Data

by Jörgen Eriksson on May 5, 2013

There is a mind-boggling amount of data floating around our society. This is called Big Data and it refers to data that is too large, complex and dynamic for any conventional data tools to capture, store, manage and analyse. However the right use of Big Data allows analysts to spot trends and gives niche insights that help create value and innovation much faster than conventional methods.

The graphics below, courtesy of WIPRO, the global information technology, consulting and outsourcing company, illustrates some facts about this. Click on the image to enlarge.

Big data

Today with modern use of computing, companies capture trillions of bytes of information about their customers, suppliers, and operations, and millions of networked sensors are being embedded in the physical world in devices such as mobile phones and automobiles, sensing, creating, and communicating data.

Multimedia and individuals with smartphones and on blogs and social network sites will continue to fuel exponential growth. Big data, large pools of data that can be captured, communicated, aggregated, stored, and analysed, is now part of every sector and function of the global economy. Like other essential factors of production such as hard assets and human capital, it is increasingly the case that much of modern economic activity, innovation, and growth simply could no take place without data.

The main question is what this phenomenon means. Is the proliferation of data simply evidence of an increasingly intrusive world, or can big data play a useful economic role? In June 2011, McKinsey published a report named Big data – The next frontier for innovation, competition and productivity in which they argue that there are many ways that big data can be used to create value across sectors of the global economy. Click on the link above to access and read the report.

One other important question to solve is how to store accumulating volumes of big data. Physicists at CERN have been pondering how to store and share their ever more massive data for decades, stimulating globalization of the internet along the way, whilst ‘solving’ their big data problem. In the video below, Tim Smith plots CERN’s involvement with big data from fifty years ago to today.

How to store Big Data

About Jörgen Eriksson :

Jörgen Eriksson is the founder of Bearing and is the Chairman of the firm since it was created. He has successfully expanded Bearing into covering projects on four continents. He is also Adjunct Professor of Innovation Management at the International University of Monaco and at Universitat Politècnica de Catalunya in Barcelona and he is an active member of the Founders Alliance organisation.

Working with consulting engagements across Bearings practices, he has over the past fifteen years participated in and supervised a large number of client projects, from innovation system development and place development and branding, to merger and acquisition assignments and leading edge research and business development activities for key clients.

His new book, Branding for Hooligans, will be published in 2015. It is about how innovation and branding are key survival factors in our modern times of hyper competitive markets.

Prior to Bearing, he was Director of Europe, Middle East, and Africa for Trema Treasury Management, a technology and consulting services provider, supplying financial software solutions for the global financial industry, Clients included The European Central Bank, Citibank, SEB, South African reserve Bank, Deutsche Bank, Abu Dhabi Investment Authority (ADIA), as well as many other large financial institutions and Fortune 500 companies.

Early in his career Eriksson was educated at the Stockholm School of Economics, where he studied economics, financial economics and philosophy. He then worked in Scandinavian investment banks and also for the Swedish Institute of National Defense Research.

You can contact Jörgen on e-mail, connect on LinkedIn onörgen-eriksson/0/38/8a0/ and follow him on twitter on joreri508.

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