A Report From The International Business Machines Corporation

1831 Words Nov 28th, 2014 8 Pages
According to a report from The International Business Machines Corporation, known as IBM, 90% of the data in the world has been generated in the last two years. Frank J. Ohlhorst (2013) explains how the concept of collecting data for use in business is not new, but the scale of data that has been collected recently is so large that it has been termed Big Data (p. 1). Company executives who choose to ignore Big Data are denying their companies an advantage over their competitors. Big Data analysis is fundamental for all fields of work; it provides an insight to large amounts of data that will answer questions and make discoveries to improve efficiency in all areas of the world.
In the economic world, factors of production include land, labor, capital, and entrepreneurship. Companies consider these four components necessary for success, but in order to survive in today’s competitive field a fifth factor must be considered: information. Information provides both a responsibility and an opportunity. It is collected and then studied in a process called data analysis. Data analysis is defined by Frank J. Ohlhorst (2013) as “a way to develop intelligence that can drive decisions, find relationships, solve problems, and increase profits, productivity, and even the quality of life” (p. ix). Data analysis discovers masses of information and facts hidden in large amounts of unstructured data. The world is gaining an enormous amount of valuable and useful intelligence thorough the data…
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