ALEXANDRIA, Va. - Big data is making big waves in today??s
mainstream business vernacular, where information gleaned from consumer shopping
behavior and transactions are being used to boost profitability and gain a
competitive advantage.
In the past two years alone, IBM says that 90% of the data
in the world today has been generated everywhere from sensors used to gather
climate information, posts to social media sites, digital pictures and videos,
purchase transaction records and cell phone GPS signals ?" to name a few.
Big data is also pegged as the next frontier for innovation,
competition and productivity, according to the McKinsey Global Institute, adding
that there is strong evidence that big data can create significant value for
the world economy by enhancing the productivity and competition among
companies. "While this topic might once have concerned only a few data geeks,
big data is now relevant for leaders across every sector," says the firm in a
May 2011 report.
Retailers such as AutoZone rely on big data to customize its
deals and promos at the store level. New software from startup NuoDB Inc. helps
the company adjust inventory at its 5,000 stores based on information collected
from a variety of databases, such as the types of cars driven by people who
live near AutoZone stores, reports the Wall Street Journal.
"We think this is the direction of the future," Ron Griffin,
AutoZone's chief information officer, told the newspaper.
Big data is absolutely a big deal, and those businesses that
harness the power of big data can discover emerging trends and insights that
offer huge opportunities for operational efficiencies and customer engagement.
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EVENT
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