By Lynn Martin, President and COO, ICE Data Services

The first published mention of the term “big data” was in 1982 in an article from The Globe and Mail. The article references IBM’s increased stock price as a result of its “new top-of-the-line computer for big data processing tasks”.

A lot has changed since 1982.

Analysis of news publications proves that “big data” became common terminology in 2013, with companies in every industry beginning to realize the value of collecting and analyzing large sets of data to improve processes, enhancing learnings and driving operational and financial performance.

While mentions of the term “big data” have dipped as the concept has become more mainstream, the need for quality data is only growing. The rise of artificial intelligence initiatives like machine learning and natural language processing depend on high caliber data input and significantly larger data capacity to achieve increasingly valuable insights, regardless of industry or the problem. It wasn’t long ago that a terabyte implied tremendous information capacity—today we are thinking about data in terms of zettabytes, petabytes and exabtyes.

More Data, More Possibilities

An abundance of information, coupled with increasingly cheaper and accessible technology, means we are now able to process and glean insight from large data sets like never before, fundamentally changing the way companies approach their business, both from a customer and management perspective. For example:

  • Manufacturers can more accurately manage supply chains and mitigate risk by analyzing internal data alongside external data sets such as weather, premium news, and shipping information to understand potential delays or revenue impact.
  • In the Agriculture industry, farmers can leverage Internet of Things sensors to gather instant data and analysis around soil and crop health, yields, harvest timings and beyond to improve decision-making and returns. Information can also be passed to commodity traders, more closely aligning farmers with the financial services industry.
  • In Healthcare, there are many applications from pharmaceuticals research to the World Health Organization, which leverages intelligence to continuously scan a vast database of documents, news and websites to detect disease outbreaks around the globe.
  • In Financial Services, the rise of technology and analytics in trading, investing, reporting and managing risk have increased the demand for comprehensive market data across all asset classes. Whether instruments are traded and priced on-exchange or off, the demand for real-time information in equities, fixed income and commodities markets is rising.

Extracting Value

Data only becomes valuable if you have the resources and tools to surface the insights buried within it.

At ICE Data Services, we are driving value well beyond raw data in the form of efficient, secure delivery mechanisms, data structure and hygiene, as well as proprietary information, analytics and insight. That’s why we leverage traditional and alternative data, such as sentiment, social media, news and expert commentary to serve up a complete view of global markets.

Our team is continuously innovating to give you more choice and flexibility as you integrate additional data-driven solutions to help you analyze markets, comply with regulation and drive your business forward.