From Big Data to Smart Data

From Big Data to Smart Data

As media coverage states, data volumes worldwide are exploding. It is being said that 60% of all data is currently generated in countries such as the USA, Germany and Japan. But this is about to change: By 2020, the majority of data is collected in countries like Brazil, China, India, Mexico and Russia. Numbers like 44 trillion gigabytes worldwide by 2020 are making...



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...the rounds. Other experts even speak of 40 Zettabyte (that is a number with 21 zeros - equivalent to a text amount of three million books for each inhabitant of the Earth). Literally BIG DATA - and it is promised that with help of appropriate technologies, these stored “gold nuggets” can be easily lifted. This picture, however, does not quite correspond to the current facts in purchasing. There is still too little data for training Artificial Neuronal Networks (ANN) to be able to identify reliable data patterns that provide practical benefits for the procurement departments."Not enough data?"... you might be moaning right now if you belong to those who must put together their reports from countless data sources every month...