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The Ingenuity Challenge: What Big Data Really Means for Big Business

November 18, 2014 • Big Data & Analytics, Finance & Economics, Global Business, Internet of Things, TECHNOLOGY

By Mihnea Moldoveanu

Big Data presents a unique challenge to big business, one that intelligence as we now think of it cannot solve alone. Big Data generates Mega-Problems – problems whose complexity rises far more quickly than the size of the data set. Solving Big Data problems requires devising altogether new methods. Below, Mihnea Molodoveanu explains that what we really need is ingenuity – the ability to craft new procedures for solving the Mega-Problems Big Data generates.

“Big Data” is hailed as the next “Mega-Problem” for business, and rightly so: business is the busy-ness of making lots of decisions with sparse, noisy information. Better decisions depend on having more accurate, more relevant and more timely information. Having the information we need for the decisions we need to make, in the form we can make best use of, is a special challenge even in an age when data storage, gathering and processing capacity doubles every 18 months to 2 years. Why?



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