“Big data” lives up to its name:
We produce 2.5 quintillion bytes of data every day through the staggering array of digital connections that link people, objects, and devices. Every email, text, post, online search, app interaction, card transaction, and doctor’s visit contribute to the three V’s that define big data: volume, velocity, and variety of information, in greater amounts than ever before (it’s estimated that 90 percent of all data in existence was generated in the last two years). But to be useful, another V is needed: value. Extracting value takes powerful computers, complex algorithms, and extraordinary brainpower, a combination that saw “data scientist” hailed as the world’s sexiest job. But is big data really making a difference?
Many believe it is. Retailers are using it to enhance our…
