I am Elena Gil Lizasoain, CEO of LUCA, the big data unit of Telefonica, and I’ve always been an advocate of learning from the past to develop and shape the future.
Originally, Big Data referred to a quantity of data that traditional software was not capable of obtaining, managing and processing within a reasonable timescale. Later, Big Data also became the buzzword to refer to the business opportunities created by large amounts of data. Over the last 10 years, we have experienced a Big Data boom, which has led to a data deluge. In short, the volume of data we have is unimaginably high, which generates many new opportunities to create value.
Why Big Data?
Let´s begin by understanding why we use Big Data before we look at how it is impacting businesses today. By aggregating the data that flows through our telecommunications network and maintaining anonymity, we gain valuable insights that can be analyzed and used by organizations to improve practices and execute strategies.
To give you an example of this, we were able to use Big Data insights to help the Ministry of Transport and Communications of Peru and AATE optimize its metro line.
The use of real-time data allowed us to see mobility patterns and trends of the inhabitants and present the organization with a portfolio to maximize transport routes in the city.
The impact of Big Data on Businesses Worldwide
Before becoming a data-driven company was optional, nowadays, organizations that are resisting these changes are falling behind the market mainstream.
The value potential of Big Data for businesses is immense. It allows us to know customer needs, wants and behaviors to a level that has never previously been possible.
Artificial Intelligence algorithms now play a huge role in the world of Big Data. Through Machine Learning, they allow businesses to analyze data, gain insights and look ahead to the future, which has the potential to transform business strategy by giving insights on customers that allow firms to individualize and specifically tailor practices to their target audience.
However, in order to take advantage of those new technologies, businesses need to be ready for their digital transformation and ensure that the workforce is educated and re-skilled, so they are able to adapt to the changing environment.
Social Impact of Big Data
The potential impact of big data goes beyond businesses and it can be used to help social issues, therefore giving the value of data back into society. The amount of data available to private and public organizations allows these bodies to gain data insights that would benefit the greater good of the general population, especially those in under-developed areas. For example, our Big Data for Social Good area has helped UNICEF by using data to track the movements of Zika outbreaks, thus aiding the prediction and consequent stopping of its spread.
With all things, the most important is responsibility. With the explosion of big data technologies such as the internet of things, we are living in an age driven by data, and it is essential that we remain obligated to the fair and safe use of these technologies. Firms must always maintain a strong commitment to GDPR regulations and the responsible use of Artificial Intelligence.
Overall, the sheer speed of global digital transformation means that companies and public organizations need to stay ahead of the game and make the most of these rapid changes and reap their benefits. Although Big Data may seem like a complex topic, its potential impact in the business world and beyond is simple; obtain valuable insights that can be used by organizations to improve practices and execute strategies.
The impact of Big Data on Businesses Worldwide
Before becoming a data-driven company was optional, nowadays, organizations that are resisting these changes are falling behind the market mainstream.
The value potential of Big Data for businesses is immense. It allows us to know customer needs, wants and behaviors to a level that has never previously been possible.
Artificial Intelligence algorithms now play a huge role in the world of Big Data. Through Machine Learning, they allow businesses to analyze data, gain insights and look ahead to the future, which has the potential to transform business strategy by giving insights on customers that allow firms to individualize and specifically tailor practices to their target audience.
However, in order to take advantage of those new technologies, businesses need to be ready for their digital transformation and ensure that the workforce is educated and re-skilled, so they are able to adapt to the changing environment.
Social Impact of Big Data
The potential impact of big data goes beyond businesses and it can be used to help social issues, therefore giving the value of data back into society. The amount of data available to private and public organizations allows these bodies to gain data insights that would benefit the greater good of the general population, especially those in under-developed areas. For example, our Big Data for Social Good area has helped UNICEF by using data to track the movements of Zika outbreaks, thus aiding the prediction and consequent stopping of its spread.
With all things, the most important is responsibility. With the explosion of big data technologies such as the internet of things, we are living in an age driven by data, and it is essential that we remain obligated to the fair and safe use of these technologies. Firms must always maintain a strong commitment to GDPR regulations and the responsible use of Artificial Intelligence.
Overall, the sheer speed of global digital transformation means that companies and public organizations need to stay ahead of the game and make the most of these rapid changes and reap their benefits. Although Big Data may seem like a complex topic, its potential impact in the business world and beyond is simple; obtain valuable insights that can be used by organizations to improve practices and execute strategies.
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