Big Data in Today’s World
With the advancement of technology and the ubiquity of its usage, large amounts of data are stored constantly and can be harnessed with powerful applications. Huge volumes of unstructured data can be studied to identify trends as a form of predictive tool.
Businesses are tapping on the omniscience of the big data to analyse consumer behaviour and trends for targeted marketing efforts. Few of such examples are global FMCG company, Coca Cola, and Netflix, an American media services provider which uses data collected to provide enhanced product offerings and customer’s experience.
Read how other companies are leveraging on big data to their advantage:
Enhancing SMEs’ data analytics capability through university tie-ups
23 April 2019, The Business Times
Leveraging on Big Data, SME can now analyse data to track trends. Data analytics can be applied to support key business decisions such as new product development, managing issues arising from supplier and production, pricing and promotion strategies. Due to budget constraints, adoption is an issue for SME. To resolve this, partnership with universities can provide support through additional manpower, faculty-guided consultancy and knowledge exchange. Read more here.
China turns to big data to steer economic growth
17 April 2019, Channel News Asia
Once the main driver of growth in China, the manufacturing industry is losing its competitiveness due to rising wages. At small town in China, hundreds of thousands of students worked at data factories being set up. Many of them came from a government-subsidized school for artificial intelligence. The pursuit of Big Data brought about employment opportunities and changed lives. Read more here.
Commentary: How data-sharing by Big Tech can save lives in disasters, solve new problems
6 Jun 2019, Channel News Asia
“Big Data can save lives, but tech companies, civil society and policymakers must work together to unlock this potential”, says HEC Paris’ law and policy professor Alberto Alemanno. Real-time data allows government and humanitarian organisations to provide timely and targeted aid relief. Though technology and data are harvested at tech companies, there is no major data-sharing collaborations with corporates and legal frameworks in place. Read more here.
Saving the environment with data analytics
19 April 2019, The Business Times
The Singapore government has been working with businesses to address the issues on climate change through some key initiatives covering carbon emissions and waste management. According to the World Economic Forum, the failure to alleviate and adapt to climate change is the biggest threat to businesses. Through utilising Big Data, the government and private-sector companies can develop predictive tools to help minimise the impact to the environment. Read more here.