And a few more facts about BigData:
- Wal-Mart handles more than a million customer transactions every hour.
- Facebook hosts more than 50 billion photos.
- Google has set up thousands of servers in huge warehouses to process searches.
- 90 % of the data that exists today was created within the last two years.
It is a pattern of growth driven by such rapid and relentless trends as the rise of social networks, video and the Web. Particularly for organizations struggling to keep on top of their most critical missions, providing visibility into, and actionable business intelligence out of the explosive surge in data, has created unprecedented challenges.
That’s because big data causes big problems for companies, as well as for our economy and national security. Look no further than the financial crisis. Near the end of 2008, when the global financial system stood at the brink of collapse, the CEO of a global banking giant during a conference call with analysts was repeatedly asked to quantify the volume of mortgage-backed security holdings on the bank’s books. Despite the bank’s having spent a whopping $37 billion on IT operations over the previous 10 years, his best response was a sheepish: “I don’t have that information.”
Had regulators and big banks been able to accurately assess their exposure to subprime lending, we might have dampened the recession and saved the housing market from its biggest fall in 30 years