Due to the endless potential of big data, it's often touted as the next big gold mine. Just like how you sell gold, you can sell big data for huge profits.
There is no single definition for big data because it's hard to constrain it within a single definition. Broadly speaking, human beings are creating more data than ever before in the digital sphere, and we have the technology to use this data to create better business insights, that in turn, would help companies to offer better services and products to their clients. Of course, this transformation of unstructured data from different sources into meaningful information that can drive business intelligence is complex, to say the least. It involves multiple algorithms and data patterns coupled with some high-end processing to provide the right insights.
For example, the data collected by Lufthansa Airlines has been used to improve weather forecasting in Germany. The data collected by the autopilot system has increased the accuracy of Germany's weather forecasting system by seven percent, which is considerable given the short time duration during which this improvement was made. Likewise, the applications of big data is endless as every piece of information can be used to improve some aspect of life and society.
Now that we know what big data is, let's see why it's being talked about so much.
Due to the endless potential of big data, it's often touted as the next big gold mine. Just like how you sell gold, you can sell big data for huge profits. The above example of Lufthansa is a case in point. The autopilot system of Lufthansa collects information about wind, cloud cover and more while traveling, and this data is being sold to meteorological departments to improve the accuracy of their forecasts.
Going forward, it's not just companies like Lufthansa, but also people like us who can make money by selling our data. The future is likely to see data exchange platforms where people can exchange one data for another or even sell their data for money, so that this data can be used in a meaningful way by others. The market for data will grow and bring in money as more people understand the enormous potential and the unlimited things they can do with the right data.
So far, we have realized only a small part of big data's impact as we are now experimenting with customizing certain products and services that meet the different needs of individuals. Going forward, it gives the opportunity for individuals to customize everything the way they want - right from homes to clothing.
In this sense, big data is a life-changing technology whose potential is virtually unlimited. Undoubtedly, it's the next gold mine!