Advisory Note: From Big Data to Smart Information - 70750

Big Data is characterized by three properties: there is now an enormous quantity of data which exists in a wide variety of forms and is being generated very quickly. However, the term “Big Data” is as much a reflection of the limitations of the current technology as it is a statement on the quantity, speed or variety of data. The term Big Data needs to be understood as data which has greater quantity, variety or speed than can be comfortably processed using the technology that you already have.

Big Data comes from a number of sources both internal and external. Many organizations have accumulated large amounts of data which they are not exploiting. There is an even larger amount of data which is held in publicly available sources, like government databases, social media, as well as data which organization would be willing to share.

Big Data is nothing more than the symbols which are processed by the computer. Big Data, in itself, has little meaning and no value. Smart Information is Big Data processed and analyzed in a way that makes it useful - for example to provide answers to questions. This is an important distinction because it is the analysis and interpretation of Big Data that adds value – not the data itself.

Smart Information can help organizations to make better decisions. Studies have shown that organizations that base strategies, planning, marketing and operations on data rather than opinion are more successful. Smart Information is an important resource that can be used to improve organizational performance.