“‘Data is the new oil,’ declared Clive Humby, a Sheffield mathematician who with his wife, Edwina Dunn, made £90m helping Tesco with its Clubcard system. Though he said it in 2006, the realisation that there is a lot of money to be made – and lost – through the careful or careless marshalling of ‘big data’ has only begun to dawn on many business people. About 90% of all the data in the world has been generated in the past two years (a statistic that is holding roughly true even as time passes). There are about 2.7 zettabytes of data in the digital universe, where 1ZB of data is a billion terabytes (a typical computer hard drive these days can hold about 0.5TB, or 500 gigabytes).”
