Part of the excitement is around analytics has to do with analyzing Big Data. But, Big Data needs a good definition as well. Businesses have always kept data. What makes this data “Big?”
As an aside, I was talking to someone last week who does a lot of work with the supply chains of different Fortune 500 companies We joked that it could be a minor miracle to get just a spreadsheet’s worth of good data about the supply chain– much less, anything that looked “Big.”
Obviously, there is a wide range in data that is available.
In 2010, the Economist published a special report, The Data Deluge, arguing that firms are collecting a new and vast stream of data. This data is coming from sensors, RFID tags, smart phones, on-line transactions, social media and so on.
And, they argue, businesses and organizations are just starting to tap into this data. Indeed, the rise of the field of analytics is to help firms get value from this data.
The report from the Economist is worth reading. Click here for the introduction article and here for the link to the survey (be sure to click on the drop down at the top of the page to get to all nine of the articles that are part of the survey).