equation is pretty simple, and goes like this: Data when processed becomes information, information when analyzed becomes knowledge, and knowledge when applied becomes intelligence.
From a business perspective, as more and more data is collected and works its way through the evolutionary process I just identified, the opportunity exists to generate intelligence, that when acted upon, can improve critical measures of success for every organization. Even knowing this, though, we should forget about big data. Why? It’s about to undergo a significant change.
Advances in multiple areas of technology are driving this transformation. The primary drivers are sensor technology, wearable computing, vehicles as a computing platform, and the Internet of Things (IoT). That is why you need to forget about
big data: It is
huge data.
Smart data. Think about how all of this combines to create a substantial amount of new data that will rapidly move through the evolutionary process into action-oriented, near-real-time decision influence systems.
Data is the raw material necessary for organizations to understand what is happening and respond appropriately, and it’s creating new and unique opportunities for organizations. It is finally becoming the strategic asset that was envisioned in the early stages of the Internet.