Big Data -- What Data and Why?

Abstract

Data is collected daily and automatically from multitude of sources using all possible formats, stored, and backed up for future use and applications. However, it is less obvious that such an activity will generate a positive economic value when the data is used in mining for strategic advantage. Therefore, the current upward trajectory for collecting and storing data with the expectation of great economic returns might not pan out. The rational way is to analyze all data collection, storage, and analysis proposals using cost and benefit metrics to guarantee that economic benefits for the organization will be the outcome.