Big Data Revolution – What Is It?
No 10, ETLA Brief from The Research Institute of the Finnish Economy
Abstract The ongoing ICT revolution has created a vast digital ecosystem in which an increasingly large quantity of information is produced, collected and stored. This development is the result of the digitalization of data and the decreasing cost of data processing and storage. The ability of firms to extract new insights and innovations from massive amounts of data offers significant opportunities to increase productivity and reduce in manufacturing and service costs. This is the next stage of the ICT revolution, and the radical nature of this change is becoming obvious. We are entering the era of data – Big Data.
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