In the next five years, 50 billion smart devices will be developed to collect, analyze and share data.
Jefferson City, Missouri (PRWEB) October 20, 2015
Bert Doerhoff CPA, founder of AccuBiz, is encouraging companies to warm to Big Data, the latest trend significantly impacting business growth. While many want to dismiss any new buzzword as a passing fad, Doerhoff knows how to recognize a development with staying power.
A recent Forbes article discusses reasons why Big Data deserves some attention if a company wants to sustain growth and gain an edge over their competition. The following facts, as discussed in the article, show its potential for changing the business world:
Data volumes: Over the last two years, more data has been created than in the entire history of the human race, and it is still growing. By the year 2020, 1.7 megabytes of new information will be generated every second for each person. This will result in 44 trillion gigabytes of accumulated data. With the use of Big Data though comes a big question: How does a company summarize and analyze all that data to simplify it down to the few key items that helps manage a business? New data can’t be ignored, but it must be limited to what is key to the business so that it does not become useless noise.
Social media: As of August 2015, there were more than 1 billion Facebook users in any given day, sending, on average, 31.25 million messages each minute. Each minute, up to 300 hours of video are uploaded to YouTube. This means there is a wealth of useful information but once the information is posted, it is public forever. It can and will be used to compete with other businesses. Helping the world is a great cause but giving information that is unique to the user’s business is risky at best.
Mobile media: By 2017, approximately 80 percent of all pictures will be snapped on smart phones, and just this year over 1.4 billion smart phones will be shipped, complete with sensors capable of capturing data. By 2020, there will be 6.1 billion global smart phone users. In the next five years, 50 billion smart devices will be developed to collect, analyze and share data. There have been many recent examples of unsavory activities captured on cell phones in the news. This highlights the importance of actions reflecting the morals and ethics of a person.
Moving data: By 2020, a third of all data will hit the cloud. The Hadoop, an open source software for distributed computing, is expected to experience 58 percent growth and be worth more than $1 billion in 2020. The small businesses and individuals supporting on-site software simply cannot provide the data protection available on the cloud. There are examples of data breaches but personal computers are much more at risk than the data on the cloud.
It’s here to stay: The White House is investing in Big Data, with more than $200 million in current projects. By 2016, 73 percent of all organizations plan to invest or are already investing in Big Data. Government is typically not a trend-setter on the cutting edge so when government adopts something it’s important to consider that the trend may be a long-term shift.
“Investing in data-driven, objective information about a business is critical for growth in a market that values personalized service. Companies that recognize the power of data will zero in on their target market, understand their customer better and manage their business more effectively,” says Bert Doerhoff.
About Bert Doerhoff:
Bert Doerhoff, CPA, works closely with small business owners to minimize income tax and fill the gaps so the owner has more time to work on the customer centered core services. Doerhoff and his team can outsource all functions of an accounting department, from bookkeeping to CFO services. The CPA firm has multiple QuickBooks advisors to help clients maximize the benefits provided by their accounting system. Doerhoff is co-author of Six Steps to Small Business Success available on Amazon.
Contact Bert Doerhoff, CPA, by email at bdcpa(at)AccuBiz(dot)net; by phone at (573) 634-4006; or learn more at http://www.AccuBiz.net.