Big Data Enables Companies and Researchers to Look into the Future - SPIEGEL ONLINE - 0 views
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The expression "Big Brother" has become dated. Experts would seem to have reached consensus on the term "Big Data" to describe the new favorite topic of discussion in boardrooms, at conventions like Berlin's re:publica last week, and in a number of new books. Big Data promises both total control and the logical management of our future in all aspects of life.
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New is the way companies, government agencies and scientists are now beginning to interpret and analyze their data resources. Because storage space costs almost nothing nowadays, computers, which are getting faster and faster, can link and correlate a wide variety of data around the clock. Algorithms are what create order from this chaos. They dig through, discovering previously unknown patterns and promptly revealing new relationships, insights and business models. Though the term Big Data means very little to most people, the power of algorithms is already everywhere. Credit card companies can quickly recognize unusual usage patterns, and hence automatically warn cardholders when large sums are suddenly being charged to their cards in places where they have never been. Energy companies use weather
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According to official figures, since the Swedish capital Stockholm began using algorithms to manage traffic, drive times through the city's downtown area have been cut in half and emissions reduced by 10 percent. Online merchants have recently started using the analyses to optimize their selling strategies. The widespread phrase "Customers who bought this item also bought …" is only one example of the approach.