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Big Data, not Oil, is King in Today’s Economy

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Big Data is not just about volumes of data; it is the ability to both collect information and extract meaning from it. The businesses that are prospering in today’s economy are those able to take advantage of Big Data. In the next ten years, it will be the ability to use Big Data that will make or break a business. According to contributing writer to Forbes, Daniel Newman, “it is not what you know, it is what you do with what you know”. Intelligent big data is changing all industries: from supply side management with smart cameras and intelligent stock management that automatically place future orders to a large cost reduction in the healthcare industry.

What is all the bustle

The data in Big Data has become a key commodity in all business sectors, not just in technologically driven markets. Although Uber and Tesla are reaping billions of dollars in what seems to be traditional transportation and car industry, their true success will be measured in their ability to collect massive amounts of data. Uber now owns supply/demand (i.e., drivers/passengers) for personal transportation, while Tesla gathered 1.3bn miles-worth of driving data to optimize their algorithm for self-driving cars. Other examples abound. Sears …

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