Big Data

For the last couple of years the topic of Big Data has emerged. This has raised expectations in many areas, and some practical concerns.

Big Data - A Fashionable Topic with(out) Sustainable Relevance for Research and Practice? published by Business and Information Systems Engineering

Despite the cherished expectations and hopes, the question is why we face such excitement around Big Data which at first view rather seems to be a fashionable hype than a revolutionary concept. Is Big Data really something new or is it just new wine in old bottles seeing that, e.g., data analytics is doing the same type of analysis since decades? Do more data, increased or faster analytics always imply better decisions, products, or services, or is Big Data just another buzzword to stimulate the IT providers’ sales?

 Successful Big Data approaches require new tools such as e.g., Social, In-Memory, Text, or Semantic Analytics which allow for analyzing the new amount of different data sources....

Mckinsey published several articles on Big Data;  Big data: The next frontier for innovation, competition, and productivity; And, Big data: What’s your plan?

The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey's Business Technology Office. Leaders in every sector will have to grapple with the implications of big data, not just a few data-oriented managers. The increasing volume and detail of information captured by enterprises, the rise of multimedia, social media, and the Internet of Things will fuel exponential growth in data for the foreseeable future.

The payoff from joining the big-data and advanced-analytics management revolution is no longer in doubt. The tally of successful case studies continues to build, reinforcing broader research suggesting that when companies inject data and analytics deep into their operations, they can deliver productivity and profit gains that are 5 to 6 percent higher than those of the competition.
The promised land of new data-driven businesses, greater transparency into how operations actually work, better predictions, and faster testing is alluring indeed.