We are fast approaching a new era of the Data Age, the rise of the machines. From autonomous cars to humanoid robots and from intelligent personal assistants to smart home devices, the world around us is undergoing a fundamental change, transforming the way we live, work, and play.
With the recent advancements of mobile devices, we have moved into a mobile economy. With the rise of mobile economy, the enormous amounts of data produce every day is truly mind-blowing. International Data Corporation (IDC), the premier global provider of market intelligence, predicts that the global datasphere will grow to 163 zettabytes. A trillion gigabytes by 2025. That’s 12 zeroes. 1,000,000,000,000 GB.
For your Russ Hanneman fans, that is four commas, welcome to the cuatro comas club.
Think about much how data you are generating every time you interact with your phone and computer.
Every time you walk down the street with a phone in your pocket, it’s tracking your location through GPS sensors – more data. Every time you buy something with your contactless debit card? Data. Every time you read an article online? Data. Every time you stream a song, movie or podcast? Data, data, data.
An example of social media usage in 2020
Mind-boggling by the growth of data and most of it's in the form of text, documents, call logs, social media posts, research papers, feedback comments and more. Unfortunately, most businesses can't access or use it; they don't have the right tools or skilled resources to mine it for insights employees could use to speed decision-making and improve customer responsiveness. No wonder knowledge workers spend up to 80% of their time searching for answers instead of acting on them. There's a way out of this conundrum: amplify intelligence through knowledge based systems.