Big data needs Big science

A great article by the Webtrends CEO:

“We are living in “the age of big data, (…) No industry is untouched by big data, which is notably transforming the way social networks work today. However, the key factor that will determine success for companies in this age is not simply big data, but big science. (…)

The World Economic Forum’s report on data equated it with an asset such as gold. Others have declared that data is “the new oil.” But, as with gold or oil, data has no intrinsic value. (…) Gold requires mining and processing before it finds its way into our jewelry (…) Oil requires extraction and refinement before it becomes the gasoline that fuels our vehicles. Likewise, data requires collection, mining and, finally, analysis before we can realize its true value for businesses, governments, and individuals alike.

According to IDC, the amount of data that companies are wrestling with is growing at 50 percent per year — or more than doubling every two years. Many organizations are rich in data but poor in insight. That’s where big science comes in. (…)

The collection and mining of massive amounts of digital data currently defines the term big data. Those are processes that businesses largely handle. However, the analysis of that data — that magic ingredient of algorithms and advanced mathematics that bridges the gap between knowledge and insight — is big science. It is where the value is. It is the future. (…)

Put simply, the analysis that big science brings to the table makes big data relevant. I envision big science combining with big data to create big opportunities in three significant ways: real-time relevant content, data visualization, and predictive analytics. (…)

Read the full article at:

Yoder, Alex. Big data is worth nothing without Big science. C/Net, May 15, 2012. Available from: http://news.cnet.com/8301-1001_3-57434736-92/big-data-is-worth-nothing-without-big-science/ [Accessed on 15th of May 2012]

 

 

 

 

 

 

 

 

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