We live in a time of unprecedented amounts of data—more accessible and varied than ever before. In their book “Big Data: A Revolution That Will Transform How We Live, Work and Think,” authors Viktor Mayer-Schönberger and Kenneth Cukier estimate that the amount of information stored worldwide grows four times faster than the world economy. Clearly, big data is here to stay.
So, what is big data? In the business world, it represents both a challenge and an opportunity....