Big Data is the tools and processes needed to manage and utilize large amounts of data. The Internet of Things is essentially the ability to simultaneously analyze multiple data sources and to create logical and valuable observations of a system.
The value of Big Data processing becomes evident when data from individual sensors are combined with data from external sources, thus enabling analysis, monitoring, and visualization of key information. Visualization is essential to the concept of Big Data — namely, presenting data in an easily understandable format to enable users to make well-founded decisions. A dashboard surveying the most critical processes in a product or in the factory provides a good example.
“There was 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every 2 days.”
The framework of Big Data has changed dramatically in recent years. We used to think of 1 gigabyte data volumes as big — but now petabytes and exabytes are large quantities.
As the amount of data has swollen, so have the possibilities. This places great demands on strategic planning and on the collection and analysis of Big Data. From an early stage in the product development process, decisions on what to collect data from and for what purpose have become decisive factors for the best utilization of the data.
The strategic analysis of Big Data provides knowledge of the current state of a business, but contributes just as much to predicting future trends.