BIG DATA: Preconditions to Productivity

The continuous waves of data flooding our world have created a phenomenon that has attracted businesses to leveraging this information. According to overall research the sheer volume of data generated, stored, and mined for consumer transactions insights has become economically relevant to businesses success, governmental operations, and consumer savvy transactions. The history of previous trends in IT investment and innovation and its impact on competitiveness and productivity strongly suggest that Big Data can have a similar power, namely the ability to transform our lives. The same preconditions that allowed previous waves of IT-enabled innovation to power productivity, i.e., Technology innovations followed by the adoption of complementary management innovations, are in place for Big Data, vendors and suppliers of Big Data technology and advanced analytic capabilities to have at least as much ongoing impact on productivity as vendors and suppliers of other kinds of technology.