Data has become the new commodity of our era – and it’s available in abundance. Every day, 16 trillion megabytes of data are generated across the globe. At Bisnode, we’re convinced that the future belongs to those who can take these vast amounts of data and extract insight, facts and answers. For us, it is only then that big data becomes smart.
Understanding the scope of the amount of data that is produced every day in the world is not an easy task. How much is 16 trillion megabytes anyway? Another statistic may help put this explosive development into perspective – 90 per cent of all the world’s data has been created in the past two years. This includes information from business transactions, email, social media, blogs, GPS, videos and digital images. It is hardly an overstatement to say that this information – which we have become accustomed to calling big data – is a goldmine for companies, which is one of the reasons that more and more businesses are engaging in data collection. But how are we going to be able to manage all this information?
Smart data is about weeding out everything that is not relevant and ensuring proper data quality. The companies who succeed in this don’t only have an easier time retaining their existing customers, but are also better at precision-targeting advertising campaigns and promotions to new customers.