WHAT HAPPENS IN AN INTERNET MINUTE? HOW TO CAPITALIZE ON THE BIG DATA EXPLOSION
The other day I read an interesting article from Fortune about a solution using Big Data for one of the most notorious menaces plaguing American cities: rats.
According to the article, Chicago's government has been using Big Data to develop an algorithm using over 30 varieties of data to control the city's rat population.
Whether tracking rats or surfing the web, the volume, variety and velocity of Big Data is growing at an exponential rate. Data is increasing so quickly that global traffic is predicted to reach over 100 trillion gigabytes in the next 10 years.
In fact, while you read this article, this is what will happen in only 60 seconds:
And it's growing every day.
With this high volume of data, Communications and Media Providers have huge opportunities to gain value from it. With innovative ideas and the right business technology in place, Big Data can help increase revenue through customer tailored offerings, decrease costs through network optimization, and improve the overall customer experience.
To capitalize on these opportunities, providers must also prepare for the associated business, technology and regulatory challenges, including:
- Realizing the value of the data that they hold and defining the proper use cases
- Mastering predictive analytics with high veracity data
- Constructing the proper infrastructure with a capable workforce
- Understanding legal restrictions of data collection
Big Data is exploding and with a forward-thinking, innovative approach, providers can use this opportunity to truly gain an advantage in the market.
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