Big data impacting on business and the economy

Tuesday 18 December 2012

Big data

Big data is having a major impact upon businesses and the wider economy, it has been claimed.

Mike Gualtieri, an analyst at Forrester Research, said it is more than just a buzzword - big data is a real thing affecting companies around the world.

Businesses are collecting data from a wide variety of touch-points - including social media and mobile platforms - which can be used to deliver intelligence.

Mr Gualtieri said big data is driving disruptive change across the economy in businesses such as healthcare, retail, communications, and entertainment.

"The potential for firms to use big data to create permanent relationships with customers is huge," he stated.

And as such, Mr Gualtieri said the time for businesses to get onboard is now.

According to Gerard Doyle, chief executive officer at DiscountVouchers.co.uk, companies need to use more advanced IT solutions to make the most of big data.

He said the speed at which big data has grown is "immense", and the amount of big data being generated will eventually overwhelm traditional software.

"Technology systems will need to advance in order to handle and quickly evaluate these huge amounts of data and keep up with the ever-changing social media landscape," Mr Doyle stated.

Posted by Dan Smith