1c614120-f238-11e5-afc2-34388e719e9d_image_hires

The promise of big data: bringing technology and the economy together

The promise of big data: bringing technology and the economy together

The subject of big data has been getting increasing attention over the years. Big data now dominates both market and technology trends. New developments and innovative efforts on big data in different sectors have been reported in the media everyday.

On the Chinese mainland, the most recent news is that the province of Guizhou, with support from the central government, is establishing itself as a pioneer and leader in the big data industry. A big data exchange began operation in 2015, the first of its kind on the Chinese mainland.

In Hong Kong, each month there are workshops and forums on big data organised by the government, industry and academics. Almost all the local universities have set up centres and labs for big data research and applications.

As time goes on, we have gained a better understanding about big data, both its meaning and the benefits. Now we know that the key concept of big data is not only about the volume of data, but more importantly, the type of data.

Read Also:
23 Predictions About The Future Of Big Data

Different sources of data in larger volumes and greater variety come not only from devices and sensors but also from human activities. It is not only about the product itself but also how the product is used.

The increase in real-time data from sensors, web pages, click streams, and social media allows for improved measurement and monitoring, and consequently seeing things with larger scope, and with more details and greater clarity, in a way we couldn’t see before.

With several orders of magnitude more fine-grained and from different angles, big data makes the invisible visible, enabling us to see things that were impossible to see before, to formulate new questions and discover hidden knowledge.

We also have experienced more about the promise of big data, the benefits and insights from and innovations driven by big data. Big data offers us a better opportunity to capture a better and clearer view of business.

Before, efficiency had been the major concern but now, with big data, cutting cost, boosting revenues, streamlining operations, and optimising decisions have been added to executives’ agenda list.

Read Also:
How Much Should You Charge Your Clients? Data Analytics Has The Answer!

Data guides operations and strategy, so a company can decide where to put more investment and manpower, and determine how the design of a product can be improved to increase user engagement. Data is also used to guide and make better decisions in business, in comparison with those decisions made based on experience and intuition.

A survey conducted by Lorin Hitt from Wharton School of University of Pennsylvania and Heekyung Kim from MIT found that companies which adopted data-driven decision making achieved productivity that was over 5 per cent higher than what could be explained by other factors.

Big data also drives innovations, enabling us to discover new problems and find new ways to solve a problem.;



Data Innovation Summit 2017

30
Mar
2017
Data Innovation Summit 2017

30% off with code 7wData

Read Also:
Big data without the big headaches: How to get your strategy right

Big Data Innovation Summit London

30
Mar
2017
Big Data Innovation Summit London

$200 off with code DATA200

Read Also:
More Firms Embracing Streaming Analytics, Machine Learning
Read Also:
Big Data Will Create Its Own Version Of Retail Therapy

Enterprise Data World 2017

2
Apr
2017
Enterprise Data World 2017

$200 off with code 7WDATA

Read Also:
Microsoft and the ubiquity of data intelligence

Data Visualisation Summit San Francisco

19
Apr
2017
Data Visualisation Summit San Francisco

$200 off with code DATA200

Read Also:
23 Predictions About The Future Of Big Data

Chief Analytics Officer Europe

25
Apr
2017
Chief Analytics Officer Europe

15% off with code 7WDCAO17

Read Also:
The 'summer of AI' is here, this startup chief says

Leave a Reply

Your email address will not be published. Required fields are marked *