Big Data Success is a Trio of Challenges – Storage, Abstraction and Analytics

October 9, 2015 Posted by

In my last blog, I mentioned how current laws have not kept current with advances in technology. Let’s now focus on how new technology is playing an increasingly important role in Big Data. In the corporate world, timely, accurate, and secure access to critical business information is crucial to success. But there is so much unstructured data that can’t be utilized: documents, emails, notes, faxes, etc.

One of the most common occurrences is after spending many hours negotiating and executing a contract, the deal is filed away and never checked or reviewed until some controversy emerges. Companies are losing millions of dollars every year due to this gap in visibility.

But there’s a new technology that is analyzing vast amounts of unstructured data and turning it into structured data to help these companies both know their contract opportunities and realize their liabilities. Companies now have the ability to manage terabytes to petabytes of their most sophisticated data by storing, abstracting, and analyzing them with newly available, powerful tools. There are plenty of startups, coming into the market around these 3 areas every year investing millions of dollars to solve Big Data problems. Some worth watching are:

Source: Legal Technology: What are the best startups (US or International) working on solving problems for lawyers?