Data breaches and other security concerns; skyrocketing costs related to electronic data discovery and data storage; legal and regulatory compliance headaches.The downside of–and risks associated with–big data are well documented. But more and more organiations are beginning to recognize and exploit the immense benefits that Big Data and Big Analytics can provide in a variety of contexts. To understand this phenomenon, it’s key to first understand Big Data and how Big Analytics can be used.
Many people think that Big Data refers simply to huge volumes of data. Although data volumes are undeniably massive–estimated by McKinsey Global Institute to grow at a rate 40 percent per year–volume is just one characteristic of Big Data.The others are:
