[…] In fact, if you speak with most data industry veterans, Big Data has been around for decades for fi rms that have been handling tons of transactional data over the years—even dating back to the mainframe era. The reasons for this new age are varied and complex, so let ’s reduce them to a handful that will be easy to remember in case someone corners you at a cocktail party and demands a quick explanation of what ’s really going on. Here ’s our standard answer in three parts:
1. Computing perfect storm. Big Data analytics are the natural result of four major global trends: Moore ’s Law (which basically says that technology always gets cheaper), mobile computing (that smart phone or mobile tablet in your hand), social networking (Facebook, Foursquare, Pinterest, etc.), and cloud computing (you don ’t even have to own hardware or software anymore; you can rent or lease someone else ’s).
2. Data perfect storm. Volumes of transactional data have been around for decades for most big fi rms, but the fl ood gates have now opened with more volume , and the velocity and variety— the three Vs—of data that has arrived in unprecedented ways. This perfect storm of the three Vs makes it extremely complex and cumbersome with the current data management and analytics technology and practices.
3. Convergence perfect storm. Another perfect storm is happening, too. Traditional data management and analytics software and hardware technologies, open-source technology, and commodity hardware are merging to create new alternatives for IT and business executives to address Big Data analytics” (from “Big Data, Big Analytics: Emerging Business Intelligence and Analytic Trends for Today’s Businesses”, by Michael Minelli, Michele Chambers and Ambiga Dhiraj, 2013, p.1-2)