Big Possibilities for Big Data Analysis
Thus eliminating the guess work and increasing the potential for success.
The ability to make such predictions is becoming a growing demand and thus so is the development of big data analysis.
Pulse Group PLC, a digital research agency in Asia, is one company that has jumped on the big data bandwagon. Pulse intends to make major investments in the near future in this growing field. Their investment plan includes developing a new big data analysis center in Cyberjaya.
Such centers would be responsible for compiling all of the client’s relevant date streams and analysing it in a quick and efficient manner in order to discover important information, such as patterns and correlations that could potentially be useful to the client’s business or objectives.
“We can apply big data analysis,” says Hansen, “and make generalized statements.” These generalizations hold the potential to improve every sector, including business, education, social media, and technology.
Many companies have the data they need to make predictions, but they don’t have the ability to connect the various pockets of data and break them down in such a way to make them useful.
Bob Chua, Pulse’s chief executive officer, admits that their new big data venture, known as Pulsate, could potentially become their main focus. A wise financial move as the big data market is expected to grow over $50 billion in the next five years.
In the next three years Pulsate plans to make advancements in big data analysis and created 200 high level jobs for data scientists. “Both collecting and analyzing data will require specialized skill sets,” notes Hansen, “thus opening new opportunities.”
In order to perform these new jobs, employees would have to be properly trained. The Pulse Group also intends to start one of the first training academies for data scientists in the world to accompany their new data analysis center, and meet the growing need for data analysts.
Big data can have other positive effects on the education world other than simply offering new opportunities and learning experiences. Hansen states that student behaviour can be analysed through big data analysed to improve the education sector. “Ultimately the goal is to use such collected data to improve the students experience [and] increase retention numbers.”
Between the creation of new jobs and education opportunities, and the potential predictions and growth in businesses, big data seems to be an all together good thing. However, there are some disadvantages and flaws that that exist with the analysis and use of such massive quantities of information.
One problem that needs to be addressed is what information is free game for various corporations to use as their data sets. Issues involving privacy and security will need to be addressed. Also who owns what information is a question that will need to be answered. When data is continually sent and received the line between personal intellectual property and the public realm becomes blurred.
Secondly not all information is useful, or it is useless unless analysed properly. Some data sets would virtually mean nothing unless combined with the proper and relevant corresponding data. Meaning that unless a company has access to all the data they require and the knowledge on how to find and analyse it properly, then big data is essentially a waste of their time.
Also data is growing at an alarming rate. Ninety per cent of the worlds data has been created in the last two years alone, and that number is steadily growing. If new relevant data is being created faster than we can analyse it, then big data analysis becomes irrelevant. After all, the results are only as good as the information being used.