The "Big Data" Debate: Big Opportunities versus Big Risks

We all contribute to the creation of mountains of data every day by using cell phones, tablets, laptops, and even house lights that are increasingly connected to the internet. IBM estimates that the last two years have seen the greatest growth for data worldwide. We are generating more and more capture-able information through our individual and aggregate actions. Defining big data is the first step to understanding the trends.

In computing, big data refers to large and complex collections of data that are difficult to manage with traditional tools. 

Due to the abundance of available and accessible data, opportunities, risks and threats are limitless and has brought about the concern that big data could be used to stereotype people by looking at the actions of others who are similar to them demographically or psychographically rather than judging them on their own actions.

Despite the numerous questions surrounding privacy raised by big data, it is also setting the stage for the next phase of economic growth. In nearly every sector, big data analysis has the potential to solve complex problems, improve personalization, increase competition, and boost productivity.

While the risks of gathering and using big data are inherent, we will continue to create endless amounts of it in our world of connected, digital devices. The next wave of economic development will certainly be driven by big data, much like automation and the assembly line pushed industrialization forward.

While we must actively address privacy concerns and other risks, we should also embrace using data synthesis to boost society's efficiency and enrich our lives.