What is the most valuable resource in the world? It’s not unreasonable to think it’s oil since
the health of the global economy often hinges on its cost per barrel. However, ‘black gold’
was dethroned as the world’s most valuable resource last year by big data, according to The
Economist. Researchers say it is the new driver of growth and change, creating “new
infrastructure, new businesses, new monopolies, new politics and—crucially—new
economics.”
What is big data and why is it so valuable?
‘Big data’ is a term that describes the large volume of digital information collected daily on
people’s behaviours and attitudes via everything from the online forms we fill out, the media
and services to which we subscribe, and social media sites and apps. These platforms
collect huge volumes of valuable data daily, and companies are willing to pay top dollar for
this information because it can be mined for gold in the form of patterns, trends and
associations that analysts are using use to help businesses make better decisions and
strategic moves.
Technological advances have made it easier for companies to collect and analyze data. The
more data a company collects and crunches, the better it knows its customers and potential
customers; the more targeted it can make its products or services, and the more customers
it can retain and bring in—which means more money in its coffers. That’s across all
industries—not just big-name tech companies like Amazon, Google, and Apple—and in just
about every country.
Technology and Society - The Jamaican Snapshot
Many agencies and businesses are still in the wait-and-see phase of the technology
acceptance model, trying to determine whether big data is actually useful and pondering its
ease-of-use. Meanwhile, technology companies in Kingston and other locales across the
country, especially those helmed by younger CEOs, are leading the charge. There has
certainly been an upsurge of technology jobs, encompassing everyone from the app
designer who works from home to quality assurance specialists in the BPO sector to digital
media companies that produce ads for the big commercial entities based on insights into
customer behaviour.
Big data across various sectors in Jamaica:
Consumer goods and services - Jamaica is notorious for less-than-stellar customer
service at establishments from government offices to fast food restaurants, so local
companies should be rejoicing over this news. Big data can help them keep their ears to the
ground for continuous customer feedback, which can be used to make improvements in
service. It can also help with developing marketing strategies, streamlining transaction
Processes.
Education The increased use of technology in education—with eLearning Jamaica’s
Tablets in Schools project, for instance—can help educators identify at-risk students, ensure
students are making satisfactory progress, and even shape or change curricula based on
data-driven insights they collect from the students’ work on these devices.
Healthcare Data such as patient records and prescription information is a goldmine of
potential insights that can help hospitals improve patient care as well as identify potential
interventions and cost-saving opportunities. There is even scope for its use in developing
medications and new medical devices.
Manufacturing The local manufacturing sector continues to struggle amidst high
importation, so any help it can get should be appreciated and snapped up. Analyzing data
can help reduce processing flaws, improve product quality, increase efficiency, minimize
waste, and save time and money.
In the rush to use big data, it’s important for these entities to remember security and protect
people’s sensitive information as much as possible—and as required by law. We have seen
fallouts from Facebook’s data scandal and any such breach will result not only in a loss of
money but an erosion of credibility, which can ruin an organization completely.