The topic of data-driven innovation is so new that many terms are poorly understood. These include â€œbig data,â€ â€œopen data,â€ â€œdata science,â€ and â€œcloud computing.â€
â€œBig dataâ€ refers to data that cannot be processed using traditional database systems, either due to the relative size and heterogeneity of the data set, or the speed at which it is updated. Big data has existed for decades in fields such as astronomy and atmospheric science, but the growth of digital data collection has rapidly brought the topic into many other fields. In some areas, big data technologies have allowed researchers to analyze entire populations, without having to rely on samples; in addition to enabling faster analysis, this has also resulted in increased model accuracy....
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