Many companies still have an extremely ambivalent view of big data. They consider the risks to be too great, with hackers and the threat of data misuse spreading fear and alarm. Yet there is surely a much greater risk of letting others take advantage of the economic opportunities offered by analysing and evaluating big data.
Ultimately, severe competitive disadvantages could harm business. In the worst case, companies will lose their direct contact with their customers and thus the key players in their value creation chain.
Digitalization is continuing apace, converging of structured and unstructured, internal and external data. Every second the rate increases. When analysed and processed in a targeted way, the vast quantities of digital data reveal previously unknown patterns, relationships and facts. This enables companies to not only operate more efficiently but also make faster decisions and more accurate forecasts.
Reference: Big value data – the basis for the fourth industrial revolution, originally published on www.sew-eurodrive.de