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Operations & Business Management
While the terms “The Internet of Things” (IoT) and “Big Data” are relatively new, the process of collecting and storing large amounts of information is old; the terms reflect an evolution of technological advances rather than a revolution. The ability to collect more data from different places has resulted in an increase in the volume, velocity, and variety of data. Once the data is stored, the data must be analyzed to understand it and produce usable information. This is the second layer of big data management. Analytics can correlate events, calculate metrics, prepare statistics, and recognize patterns within the data.