Corporations have figured out how to collect massive amounts of data, but if it can’t be translated and analyzed to achieve business objectives, why collect it? Big Data, which is characterized by three Vs, namely Volume, Variety and Velocity can be a major force in running of any large or medium sized businesses as it adds tremendous value by improving quality of decision making.
The healthcare industry has long collected BIG data in patient records, but until recently they haven’t been able to aggregate that data to solve a BIG problem.
Recently, Gartner took a look at how big data is impacting various vertical industries. The chart below details how big an opportunity big data has across industry verticals.
It’s been validated, big data’s usefulness is applicable across all industry verticals. Predictive analytics make it possible not only to analyze the past, but predict the future, with a great deal of confidence.