Close

Big Data Analytics and its Impact on the Economy

“Big Data” is data whose scale, distribution, diversity, and/or timeliness require the use of new technical architectures and analytics to enable insights that unlock new sources of business value [1]. Organizations are deriving business benefit from analyzing even larger and more complex data sets that increasingly require real-time or near-real time capabilities. The value of data is becoming more apparent as we continue to move towards an information-driven economy where data has become the new currency. Data is important because it provides us with clear, objective, numerical evidence on all aspects of our lives and the state of our business or country, including the growth and characteristics of our population, economic performance, levels of health and well-being and the condition of our surrounding environment. Data aids the decision-making process by enabling us to establish numerical benchmarks, monitor and evaluate the progress of policies or programs, ensuring that our policy interventions are well designed, meeting initial aims and identifying any area which requires improvement [2]. Data Scientists are people with advanced training in quantitative disciplines, such as mathematics, statistics, and machine learning. Data Scientists re-frame business challenges as analytics challenges; design, implement and deploy statistical models and data mining techniques on big data; and create insights that lead to actionable recommendations [1].

 

 

 

References

[1] McKinsey, “Big Data: The next frontier for innovation, competition, and productivity,” 2011.

[2] D. Y. Kale, “Big Data Economy: Driving the Economy through Data Science,” 12 October 2012. [Online]. Available: https://www.proshareng.com/news/Nigeria-Economy/Big-Data-Economy–Driving-the-Economy-th/36734.