The following is a tech brief and infographic from one of four NJIT online Master's programs: Computer Science, Electrical Engineering, Civil Engineering, and MBA. These programs produce well designed infographics monthly.
I am hoping to get some student views on engineering as well in the near future.
Big data is a great concern of the global business community due to the sheer volume of data produced every day. Current information technology management practices are not designed to keep pace, and firms need to come up with new ways of processing, organizing, and making sense of all this data. Most importantly, information technology managers, statisticians, and others in related fields need to have efficient ways of extracting meaningful conclusions from all this data.
How much data constitutes big data?
Approximately 2.16 exabytes of data is created every day. An exabyte is equal to 1 billion gigabytes, and experts estimate that 13,000 exabytes of data will exist by the year 2020. Roughly 90% of this data was created within the last two years. At this rate, the amount of data is rapidly outgrowing businesses' ability to use it effectively.
Out of 17 industries in the US economy, 15 of them have more stored data than that found in the Library of Congress. Approximately 200 terabytes of data are stored for each of these sectors. Since all of this data is gathered at such a fast pace, problems often arise when managers try to keep up with time-sensitive or otherwise valuable information.
The veracity dimension of big data
As many as one in three executives distrust the data they use to make vital decisions, yet they use it anyway due to time constraints and a lack of viable alternatives. The processed information is sometimes inaccurate, which can possibly affect a company's profit potential. Many proponents of big-data management reform believe that understanding and trusting the information benefits everyone.
The variety dimension of big data
The amount of newly created big data is unsorted and can be made up of text, images, audio, log files, and many other file types. The time and technological infrastructure needed to sort and organize this data is significant, and those needs are only projected to keep growing in the coming years.
The volume dimension of big data
The growing volume of created data is one of the most pressing concerns for IT managers, executives, and other key decision-makers in various industries. Multiple terabytes and petabytes of raw data are becoming increasingly challenging to store and handle.
The velocity dimension of big data
The various forms of big data out there are being created at such a fast pace that it can be difficult to separate the important from the non-essential information. This problem can lead to incomplete or misleading options when it comes to key decisions. Less than ideal decisions can have consequences for the future of an organization. According to current figures, at least 50% of all organizations have a minimum of 10 terabytes of unprocessed data stored at any given time. Almost 25% have 100 terabytes of this data yet to be processed.
When managed correctly, big data can be an extremely valuable resource. It can help companies better serve their target markets and identify areas for innovation or improvement. Sectors such as the manufacturing and service industries have much to gain from better management of big data. The projected returns on the initial investment are as high as 900% for some sectors that upgrade their management and processing of big data within the near future.
The New Jersey Institute of Technology’s online MBA program built a captivating infographic titled “Why Big Data Is the Next Frontier for Innovation & Competition.” To understand the power of big data, take a look at the infographic below.