Proper use of big data ‘could add £216 billion to the economy’

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Using big data effectively could provide Britain’s economy with a significant boost

Big data is often defined by the ‘Three Vs’ – volume, variety and velocity.

The first two categories are a reflection of the ever-changing size and range of the seemingly countless records that are transferred into and around networks, while the speed factor relates to the variable rates at which this occurs.

Yet as companies do their best to organise the growing volumes of information that they are collating, it appears that they are failing to take full advantage of the potential for big data to maximise their profits.

A recent report from the Centre for Economics and Business Research (CEBR) has found that properly handling, interpreting and reacting to the information that big data represents could add "£216 billion worth of potential benefits [to the economy] through efficiency, innovation and creation gains".

And if such measures were introduced and became a common practice, the organisation predicts that up to 58,000 jobs would be created as a result of new businesses entering the market.

However, despite the possibilities for providing a significant boost to Britain’s economy, finding a way to do this successfully is still not an easy task given how, due to its nature, big data continues to grow on a daily basis.

Techniques such as efficient data management storage could be a reasonable place to start, organising and coordinating files in an accessible way that allows them to be properly scrutinised.

Similarly, IT company Intergence believes data visualisation could also aid in this process, making it possible to clearly define a wide range of various information and turning it into something that can be used to a business’ advantage.

As with all records held by companies, effective secure online backup will also prove essential to protecting data to prevent it being compromised and exposing and sensitive or confidential details.

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