Big Data allows you to find opportunities you didn’t know you had.
Fast Data allows you to respond to opportunities before they’re gone.
The combination of Big Data and Fast Data working together may enable new business models you never could have achieved before.
To elaborate, the idea here is to analyze the historical “Big Data” and look for trends or patterns that have lead to good results in the past. Then you try to model those patterns in such a way that you can detect them as they are unfolding in real-time based on incoming Fast Data. If we could analyze large amounts historical as well as recent data quickly enough, we have an opportunity to influence the behaviors of the actors real-time, and have a better chance to steer them toward the patterns that produce results.
Some Examples of Big, Fast Data
For instance, look at location-based services.