Oil has been a major driver for the economic development around the world in the last century. Big data is probably becoming a key resource for businesses in any
area in the 2010s and going forward. It will be used in a different way,
but may have the same critical impact on daily business life. The raw data
collected has similar to crude oil a limited usability. Like oil, raw data
needs to be processed before it can be used. In fact, raw data needs to be
refined or more appropriate in the case of data filtered, order or distilled.
In this respect, big data represents an oil well with a great amount of
information. Compiled in the right way the data allows businesses to make
better decisions.
As discussed above big data may have a similar impact as oil on the world's economy The value of data is priceless when we are able to properly
make use of it. Some would call it a “game changer”. Consequently, the data base may become the oil barrel of the 21st century:
We are just at the beginning of a rapid development. The
opportunities that derive from the effective deployment of data are uncountable
and very valuable to every type of business. From today’s perspective we are
not able to conceive what will be possible in 10 years from now. Current use of
big data especially for the tracking of customer information already supports
marketing & sales efforts. Steven Spielberg’s movie “Minority Report”, in
which face recognition is used in a scene in a shop to approach the client with a tailored
offering, is only one aspect. While the movie takes place in the year 2054,
this kind of application seems to become available in the next view years.
However, privacy rights and face recognition seems to be an area of potential
conflict. What is more important, a perfectly customized product or
the privacy rights of every individual?
Follow this blog closely over the next few weeks as we will add the potential impact of big data on several industries...
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