Mitigating Risks Associated with Big Data Solutions

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Today’s ubiquitous communication and computing technologies generate magnitudes of data far beyond that available even a decade ago. The Big Data technology and services market is expected to grow at a compound annual rate of 27% from $9.8 billion in 2012 to $32.4 billion in 2017, leading to multi-fold increase in the amount of technical data generated. Modern organisations have unprecedented opportunities to gain new knowledge about their products, processes and services, which can be used to make projects more efficient, improve products and services, identify problems, take pre-emptive measures, and adapt business goals to new opportunities. Applications of new knowledge include predictive models which reduce, for example, hospital readmission rates, traffic congestion, and unnecessary power generation.