Over the past quarter century, there has been a significant increase in the quantity of data in the World. The underlying reason of this data booming is the spread of internet access from the digital computers and devices connected to them. As a matter of fact, this data increase is nothing really new. Humanity has been living with this for many years, for example in 1944 it was estimated that the information in the libraries would be doubled in every sixteen years, so libraries were designed according to this. Today, double-up period has gained much more momentum and as of 2012, this rate is down to just two years. It is predicted that this rate will be shorten even more in the digitalisation wave that we live inside. One of the most important results of this wave is that every individual is now a data supplier. Especially big businesses create different income channels with the various data sources that they have. That’s why data is the “oil” of our age.
So why can’t corporations seize this source in an era where data is so much important? Studies show that obstacles based on data, process and management are the reasons behind this. On the other hand, data can only add value to our decisions and company in the scale that we can manage it. Today’s organizations can improve the quality of the decisions made by utilizing the data provided by the information technologies in their decision making process. Research agency GARTNER, groups Big Data Analytics in four stages based on the value it creates. First stage is to describe, which is also the answer of “What happened?”. Second stage involves analysis for recognition and comprehension and it is the answer of “Why It Happened?”. Third phase is forecasting, which is the answer of “What Will Happen?” before anything occurs, with historical information. Last phase of Big Data Analytics is the answer of “How Can We Do This?” and it will make you take decisions regarding the future.
Today, we often see the efforts of companies to advance from second phase to third. The reason for that is that the corporations still use data for insight. As phases advance, the gained value increases and correspondingly executing that step becomes more difficult. It is a fact that foresight is the real promising utilization area of the big data. Today, where data is the biggest strategic asset of the business world, there is no doubt that the corporations who use data with the purpose of prediction will be one step ahead. A study by The ECONOMIST in 2012 predicted that organizations which invest in right skills before technologies and transform their decision making process and organisational structure to data oriented will be much more successful. Data-driven culture at every level of the organisation such as forming strategy, decision making, product development was considered as the common ground of the corporations who has accomplished it. Corporations who embrace this culture and utilize Big Data Analytics correctly, will discover new and various opportunities in order to offer high value products and services to their clients in the future.