How Big Should Your Data Be?

From Google Glass to web-browsing cars, recent devices show we are just hitting the big data tipping point. GigaOM cites a daunting big data figure:

The numbers are staggering even when it comes to personal electronic devices like smartphones, tablets and game consoles. Just five years ago, U.S. households averaged just one web-connected device, now the average is 5 or 6, according to Deepfield CEO Craig Labovitz, whose company keeps track of the traffic flying around the web.

That adds up to a new web-connected device every year. I would also say a Moore’s Law-like explosion is happening in the Internet of Things field, so that one extra connected device Deepfield describes may become two or three more devices in 2014 and on. It means more data for your company to collect, perhaps over multiple streams.

But at what point do you have enough data? Clouds are becoming cheaper than traditional servers, especially hybrid clouds, but it’s not like infinite space can be acquired. The data also needs to be sifted through, organized, and managed to be useful. Of course, you also have to implement the data. Perhaps there is a such thing as too much data to use.

Will your business keep collecting data until the budget runs out? When will you know when you have enough data?