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Big data, big moves in 2013

Dec 12, 2012 Walt Wojciechowski

Big data may be the most hyped buzzword in the technology, business, medical and data sectors in 2012, but it is likely that all of the talk will be put into practice in the coming years. Companies who have allocated budgets to the incorporation of big data could begin to see results in the New Year in the form of big profits. Big data may alter business strategies in the coming years from best social media practices to short term lending underwriting strategies. What that may look like in practice is still unclear. What is big data?
IBM estimates that each day, human beings produce 2.5 quintillion bytes of data, much of which is unsorted, unaligned and unanalyzed. Big data comes from a variety of sources, some of which are media and content produced for the internet, debt collection data, security cameras, weather sensors, cell phones, medical imaging and GPS signals. With current technologies such as cloud computing and an increase in the size of remote data storage units, it seems that the world has caught up with the data it is producing. Big data isn't merely in need of archiving, as trends can be determined from what is revealed in this data. Previously, it has often been simply too massive to use efficiently. Business advantages
Companies who are able to sort, isolate and analyze these massive volumes of big data may have a leg up on competitors when it comes to predicting markets and analyzing consumer trends. Firms that invest in big data may have better and more reliable analytics of portfolios, allowing better tracking and planning of investments. Collectors might use big data to determine risks and some of what the data reveals could determine alternate credit scores. Amazon ups the game
On November 28, 2012, Amazon revealed that it will be piloting a new big data storage operation called Redline, promising consumers affordability, ease of access and massive amounts of storage. The firm has been a leading entity when it comes to innovations in cloud computing, and this latest move may place this product at the forefront of big data storage. Lenders might seek out storage options for big data, if underwriting projects may include its use.