In 2011, people created 1.8 zettabytes of data and all this data is doubling every two years. This continuous data explosion creates a Big Data conundrum for information and marketing executives who are dealing with finding ways to best analyze, aggregate, and leverage customers' data across the enterprise.
In fact, CIOs in the U.K. face up to an 80 percent rise in the amount of Big Data they handle each year, according to research from Virgin Media Business. Almost half of the firms surveyed expect Big Data to increase by 50 percent.
With this rise in information comes an increase in data silos and poor data quality as well. According to a study from InsightSquared, poor data quality across businesses and government firms cost the U.S. economy $3.1 trillion per year, and if the median Fortune 1000 company increased the usability of its data by 10 percent, company revenue would expect to increase by $2.01 billion.
If properly used, data can help organizations make better decisions and have a positive effect on their bottom line. As Electronic Arts, Freshpair, and Hewlett-Packard, demonstrate in today's 1to1 Magazine article, "Using Big Data for Relevant Customer Interactions," when companies find solutions to their Big Data problems, Big Data then produces the necessary insight for targeting customers with the right message, at the right time, over the right channel.
Big Data then becomes less of an obstable and more of the solution for driving business.