Oscar Wilde once famously said that “it is a very sad thing that there is so little useless information these days”. There may be big data available, but what matters is how it is used. Big data can be used to help business as well as harm it. 90% of the world data was created in the last two years alone.
Information overload costs U.S. economy $900 billion every year and 40% of $500 billion spent in marketing every year is wasted due to inadequate use of big data available. There is an estimation that data budgets will go up by 40% in 2020, but only 1/3rd of data will have value if properly tapped and analyzed.
Twitter sees 340 million tweets every day and Walmart collects 2.5 petabytes of data every hour from their customer transactions. Almost every sector of the industry has benefitted from proper usage of the big data that was made available to them.
Baseball was the first sport to tap in to big data analysis through Moneyball. It also had an impact on the academics with prestigious universities like NYU, Stanford, Columbia creating big data programs for future analysts to carry out research and study.
