A new report from Thomson Reuters released today and shared at the Aspen Ideas Festival cites exponential increases in the volume, frequency and variety of data as a critical risk factor in decision-making, especially in time sensitive situations.The study indicates that when faced with unsorted, unverified "raw" data, 60% of decision makers will make "intuitive" decisions that can lead to poor outcomes.
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To that end, many government regulators have flagged increased financial risk-taking, which can be traced in some degree to imperfectly managed data, as a contributor to the recent financial crisis. Moreover, the world is awash with data- roughly 800 exabytes- and the velocity of information is increasing. For example, the Thomson Reuters financial data network, the largest in the world, carries 750,000 updates every second.
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