Economic and Political Aspects of Big Data
Recently, several cases related to Big Data have been widely discussed because of their impact on political and economic processes which caused undoubtedly serious attention from different parties.
Being one of the most attractive professional niche, Big Data is seen as an important factor which will impact GDP growth and job creation all over the world.
Big Data is also having a significant impact on human knowledge of the world. Continues development of new of tools for collecting, transmitting, storing, analyzing and acting upon data will simplify the process of transforming the information into knowledge and respective actions which may lead to new business, manufacturing, scientific, or political processes.
Big Data may have positive impact on economic development around the world by:
- Production of new goods;
- Introduction of new services;
- Improved management strategies;
- Optimization of business operations;
- Customer-targeted digital marketing;
- Improved innovation management;
- Shorten innovation implementation time.
Studies suggest that companies that implement t big data analytics can increase productivity by 5%-10%.
The wide adoption of Big Data Analytics practices creates number of challenges:
- Increased attention to data protection;
- Legal issues related to data collection processes;
- Data ownership issues;
- Shortage of Big Data and Data Analytics professionals;
- Creation of new digital divide which will lead to bigger economic divide in the world.
Another worrying aspect of Big Data Analytics is its ability to predict human behavior and, possibly, the targeted management of decision-making which can be used by different political forces.
Can our law makers provide solutions for all these issues? And how long it can take?
Recent Comments
6
VEry thought provoking...
Papers can be filed and archived.... and they end up rotting in caves... big data are filed and archived and they end up... deleted
Perhaps we need to focus on selection...
Data should be used to produce information, and Information helps to build knowledge... According to some estimates, we are using just 0.5% of available data - what a waste of resources.Are we missing 99.5% of knowledge?
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Whenever analytics are applied to human dynamics, the best they can do is to come up with an average of what to expect. There are always ownership issues and always will be. Our lawmakers will only come up with legislation if they can profit from it personally. You have a GREAT POST.
Jerry
Thank you Jerry... We are going to witness a huge development related to Big Data... It might become a huge power struggle between different stakeholders... Interesting times ahead.