Last year people stored enough data to fill 60,000 Libraries of Congress. The world’s 4 billion mobile-phone users (12% of whom own smartphones) have turned themselves into data-streams. YouTube claims to receive 24 hours of video every minute. Manufacturers have embedded 30m sensors into their products, converting mute bits of metal into data-generating nodes in the internet of things. The number of smartphones is increasing by 20% a year and the number of sensors by 30%.
Companies that can harness big data will trample data-incompetents. Data equity, to coin a phrase, will become as important as brand equity. In the 1980s and 1990s retailers such as Walmart used their mastery of retailing data to launch the “big-box” revolution (huge out-of-town stores with ultra-low prices). Today’s big data will provide the raw material for further revolutions.
Read more at The Economist
