With cloud now part of everyday language, the next big thing is Big Data. Essentially it is the recognition that the digital world is generating increasing volumes of data (according to Cisco, humans created more data in 2009 than in all previous years combined), most of which no one is doing anything with, except storing it. The challenge articulated by the big data concept is effective mining and analysis the data to create value and wealth. By way of an example, The Big Mac Index brings together a set of data that can give an indication of the relative wealth of a country but how and when it is applied is the key.
Titling this post “Big Data – getting on the front foot” refers to a balance with human intuition; we often make a decision based on a small set of knowledge and information only to be second-guessed later with facts and figures that indicate whether our decision was correct (or not). For me the execution of big data is to put the right information, data and knowledge in to the hands of the decision maker at the point they need it, not at some point post-decision. What does this mean for you and me? Well, healthcare professionals, retailers, financial services providers, government or just about anyone that we interact with in a social or business context will have immense amounts of information about us and our relative positions in teams of health, wealth, buying habits, risk for insurance purposes etc. – let’s hope that the decisions they make, based on that data, are the correct ones!
Fujitsu’s vision of a Human Centric Intelligent Society highlights all the positive aspects of this digital society with the “Internet of Things” playing a pervasive role. But is the World going to be so different as a result or will it spin just a bit faster? If we take our health and well being as an example, there is a logical chain events that lead to a general improvement. By using a simple logical sequence of mapping the human genome, understanding the variation from what is expected, how we live and the environment we live in, we can potentially be offered very precise and evidence-based advice on how to avoid certain illnesses. Add the ability to model potential drugs in the digital world against the human gnome including demographic variances and the potential outcome has a huge value to society. The research and development costs of drugs drop considerably as potential failures are weeded out very early in the development cycle and, using big data, a doctor can map the best drug to a condition you have based on your gnome.
It all sounds great but there are some challenges along the way:
- McKinsey indicate that big data will bring lots of new jobs; however it’s my hypothesis that these are really the same jobs carried out differently.
- Some of the bastions of our society (particularly in the west) will need to change. For example, insurance companies will need to take a different view on their risk-based business model (otherwise we will all be uninsurable!).
- We’ll need to take a different approach to security too – look at how the “Facebook generation” views sharing and what they care about.
In short – we will all have to behave differently in the world of Big Data. After all, it’s not just a big social network where everyone is your friend!