Are we fully utilizing all the data we have?
Volvo IT’s global skill center for future IT areas, Tech Watch & Business Innovation department, has identified seven mega trends that will have impact on Volvo’s business within a 5 to 10 years period. Big Data is presented as the fourth one in a series of articles.
Data is exploding all around us. “Everything” is being logged and mined. The volumes of data generated in the world are more or less doubled every second year. Especially the types of data that is unstructured and hard to organize in databases. Streamed data such as video and sound. Also sensor data in such a huge streaming volumes that is hard to save in normal databases is increasing. Data from machines like engines on an aero plane creates a lot of terabytes per hour.
Apart from increasing volumes, we also need to handle new types of data; streaming data in videos, unstructured data in office products and uncertainty on the Internet and also in-memory databases for real-time access. Altogether this is sometimes referred to as the 4Vs of data: Volume, Velocity, Variety and Veracity.
This is not (only) a problem, it is a big opportunity! How can we fully utilize all this for business purposes? One challenge is to understand and combine information from different parts of companies. Typically we need to combine people from different parts of different organizations together with expertise in pattern recognition, data analysis and visualization.
The seven mega trends identified by Tech Watch & Business Innovation:
• Internet of Things
• Internet of People
• Big Data
• Human Computer Interaction
• Smart Machines
• Anything as a service