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Five Ways To Start Using Big Data

Just when we feel we are drowning in information, along comes Big Data to save the day. Big Data refers to a dataset so large it is beyond the capability of a typical database to manage and make use of the information. But a set of advances in hardware and software now allows us to rapidly capture, organize, and make sense of vast oceans of data, enabling us to apply the results to make better business decisions.

Big Data can give us a strategic advantage. For example, investors could see global trends in trading across sectors in near-real time; they could respond much earlier to a downturn in prices in a given sector, avoiding the steep losses incurred by taking later action.

Big Data can also create a richer experience for customers. Bloomberg.com gathers more than 100 data points from every page an individual reader views, processing the data with 15 algorithms to personalize recommendations. Algorithms that understand natural language and rich media and can reason make Big Data technology even more useful in decision making. Novel visualization paradigms, 3D, and gesture interfaces make Big Data understandable and accessible to everyone.

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