The subject of Big Data is warming every day. The growth in the volume and variety of data is immense and speed of generating new data is accelerating quickly. Big Data is beginning to be an important part of the economy such as labor and capital. So we will go out of an era where capital and labor determined the economic values to another where the value is the combination of capital, labor and information. Maybe get into a time called datanomics.
The rise of what is known as Big Data will Facilitate things like news casting (real-time forecasting of events), the development of inferential software that assesses project outcomes to date patterns, and the creation of advanced algorithms for correlations that enable new understanding of the world. Overall, the rise of Big Data is a hugely positive for society in all aspects. The other question presented negative bias, including the building of the Internet, human and machine analysis of Big Data will cause more problems. The Existence of huge data sets for analysis will engender false confidence in our predictive powers and will lead to make significant and hurtful mistakes. Moreover, analysis of big data will be misused by powerful people and institutions with selfish agendas who manipulate findings to make the case for what they want. Overall, the rise of Big Data is going to be negative for society nearly in all respects. The result was 53% in favor of positive bias and 39% agreeing with the negative placements.
This result shows that we are still in the learning curve of what is Big Data and its impact on society.
Personally, I choose the positive bias, but with stronger warnings to issues such as privacy and misuse and unauthorized personal information. But, looking at the positive bias, there are very interesting use cases of Big Data, which identifies this ocean of data patterns of connections and interdependencies that we could not observe when using much smaller samples. One is the Google. Based on the huge amount of data that gets every minute in your search engine and they are related to people’s needs, Google developed a project where the trend goes beyond search and managed to identify trends before the official numbers reflect the situation. This type of prediction can also be made for inflation, unemployment, etc..
Of course the technology still needs to evolve, especially with respect to larger facilities for handling unstructured data and new forms of data visualization. We will also see a greater push in the evolution of Artificial Intelligence techniques, as an auxiliary tool for the analysis of this huge volume of data. A “learning machine” learns from data and more data, the algorithm learns more. This creates thus a virtuous. Big Data is a significant step in the search for cognitive computing. The example of IBM’s Watson is emblematic for this trend.
Additionally, Big Data will require new roles and skills. But when we get to a scene of “do-it-yourself analytics”, there will be a much more widespread and it will be useful to society. In fact, virtually every branch of human knowledge will be “data intensive”. Imagine political science, for example. With analysis of hundreds of millions of data generated by blog posts, search for specific topics, tweets and comments on Facebook, coupled with official information as press releases and media articles can analyze trends spread of certain political currents, even before polls as traditionally done by research institutes. With use of automated tools and new ways of acting upon viewing volumes measured in petabytes, probably, it will not be necessary to do field research as done today.
Anyway, in my opinion, I think Big Data is now where the Internet was in 1995, i.e., when the wave began and the first Web e-commerce initiatives have emerged. Nobody could foresee at that time, the birth of companies like billionaire Amazon (created precisely in 1995), Google (started in 1998), Facebook (2004) and much less than ESDS Software Solutions Pvt. Ltd. (Started in 2005) as well as the major changes that resulted in the Web society. Therefore, I believe that only around 2020, we will have a much more precise idea of the new opportunities for understanding the world generated by the Big Data provoke in business and society. But the first steps must be taken now, knowing the risks, but also of great prizes for pioneering companies that start up front.
We will have exciting times ahead!
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