As part of our ‘big data’ month, Dr Mark Kennedy, Director of the new KPMG Centre for Advanced Business Analytics will head to Hong Kong, as part of our Global Business Vision series, to discuss data and its application to HR and financial institutions. But as the amount of data available continues to grow exponentially what can we do to ensure big data translates to workable insights?
Not so long ago, the big tech story was how the Internet would change everything: how we communicate, learn, shop, find a date—you name it!
Now that this is old hat, however, we are starting to realise the real revolution is in the rich data trails of our digital lives.
Now that the Internet has gone mobile, avalanches of data are created and stored every time we simply go somewhere, visit a website, or buy something. And to make the data pile-up bigger, device-to-device communications add electronic chatter to the mix as our phones talk to thermostats, watches, computers, building security systems, pay points, and the like.
So what makes big data big is this: thanks to these technological evolutions of the Internet and mobile infrastructure, we can now see how economy and society really work in a way never before imagined. Our digital footprints and device trails provide a super-HD view of patterned human interaction, and it all adds up to revolutionary new views of risk and opportunity.
While these changes offer huge promise (and more than a few concerns about privacy and regulation), the brains of decision-makers work as they did before, and they are not wired for big data.
The challenge: getting value out of big data depends on making it smaller—small enough that decision makers can take it in and act on new insights with confidence.
Dealing with this fundamental but largely overlooked challenge of big data will separate organisations that get a positive return on their investments in data and analytics from those that try hard but end up left behind.
Follow the live feed on Twitter #GlobalBizVision and check back for videos of all the discussions.