The promise of big data: bringing technology and the economy together
With more open source and lower cost computing platforms and software available, small and medium enterprises can enjoy the benefits of big data
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.
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.