You could call it a data revolution. There is something amazing happening before our very eyes. Massive amounts of data are being created, processed, stored, analyzed and used for profit. Many successful companies rely on massive amounts of data to design their products. For example: Facebook, Groupon, and Human Genome Sciences use enormous data sets to capitalize on the rapid technological advances in data storage and the dramatic effect this technology is having on the cost (and even the possibility) of doing business in this arena. Although data-analytics is not new; the low cost is. The scale of what is possible has been altered to such an extent that any business can get in the game of data-analytics to their competitive advantage.
We can all relate on a smaller scale to something we use daily. About a year ago I purchased a 16GB flash-drive. It cost me about $40. The same flash-drive is on sale today at Target for $24.99. In 1980 just 1GB cost roughly $210,000.00. So 16GB in 1980 would have cost me about $3.1 million.
Approximate price per gigabyte over the last 31 years:
2011: $0.15 (yes, that’s just 15 cents for the same gigabyte)
NPR reports on the transformation this technology is having on data-analytics and the enormous potential offered by our current and anticipated advances in technology. Companies and individuals can now all afford the awesome power of data-analytics to make their judgments more sound, more objective and to hopefully lead to better decision-making. What are you doing to capture, analyze, and succeed with this affordable technology now literally at your fingertips?