In an upcoming article for the University of Maryland, University College’s Achiever Magazine, Mark Gerencser says a business today has a “new potential to enhance value across its entire product and service lines based on advanced analytics of these large, diverse, and constantly changing data sets.”
The “Big Data Revolution,” as Gerencser calls it, is not only historically significant, but is only getting started.
“At present,” he writes, “we generate more data every two days than we did in aggregate from the dawn of early civilization through the beginning of the 21st Century. Moreover, this information explosion continues to accelerate each year by 40%.”
The potential benefactors range across industries. From the article,
- airlines can dynamically optimize fares based on customer preferences, behavior, and sentiment
- electric utilities can optimize power generation and distribution based on consumer needs and living habits
- hospitals can better understand the impact of treatment protocols over a larger population of patients rather than a small sample from an individual doctor or their practice.
“In my space though, we’re very focused on the state and local and education market and the healthcare market,” Weber told TheNewNewInternet.
“But, we see growth everywhere. The data explosion is not just exclusive to the federal government. The healthcare market is another place we see big data growth.”
Potential gains in the “rapidly growing” $33.5 billion federal healthcare information technology market incentivized CACI International to pick up healthcare analytics firm IDL Solutions in January and buy Emergint Technologies, whose portfolio includes health analytics, in December.
“CACI’s acquisition of IDL Solutions, coupled with our recent acquisition of Emergint Technologies, is an important step in our strategy to build CACI’s healthcare IT business,” said Dan Allen, president and CEO.
For more on how Gerencser advocates businesses can leverage big data to their advantage, check out the full transcript on ExecutiveBiz.