February 18th, 2015
Despite what the hype surrounding big data might lead you to believe, the widespread existence of data is not a new concept, nor has there been some sudden "aha!" moment when decision makers realized that data could be put to use to better their businesses. Data — and lots of it — has always existed, and companies have always understood that it has value. There just wasn’t a whole lot they could do about it.
That is, of course, until the development of so-called big data technologies — a wave of new tools that make it possible to store, integrate and analyze data more efficiently and affordably than ever before. These technologies have transformed data analysis from a cost-cutting mechanism into a primary vehicle through which companies make money and find new revenue streams.
When people talk about the power of big data, they’re really talking about this transformation. And perhaps no industry is a better embodiment of it than manufacturing.