... a collection of datasets so large and complex that it becomes difficult to process using current database management tools.
The benefits - which can only be realised by massive investments in new technology - include capture, curation, storage, search, sharing, analysis and visualization.
According to Peter Tufano, the dean of Oxford’s Said Business School, which played host to the event, while awareness of the topic was high among enterprises, only about 6% of companies have got beyond a pilot stage, and 18% are still in one.
“That means three-quarters of industries are looking at this and saying ‘what is this all about?’”
Why aren’t they looking at Big Data? “The answer across all business,” he said, “was ‘we don’t know what the business case is.’”
But according to speakers at the event, the business case has already been answered.
Michael Chui has extensively researched the area for McKinsey Global Institute. His conclusion is emphatic: “The use of data and analytics in general is going to be a basis of competition going forward for individual firms, for sectors and even for countries. Those companies that are able to use data effectively are more likely to win in the marketplace.” [MT's italics]
MGI’s research showed that in just one field—personal location data—some $100 billion of value can be created globally for service providers through use of data.
Read the original unabridged WSJ article.