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How did Big Data become the raw material of the new world?

1 March 2023
Lior Cohen
financial data

Collecting huge volumes of data, AKA Big Data, has changed the way we live and work.

The rise of Big Data has led to significant changes in the way we make decisions, solve problems and interact with each other.

Today, big data is everywhere and has become a major force shaping the world's future.

How did we improve by using Big data?

Currently, decisions and changes in various areas of our lives are made based on the massive collection of data and by machine learning that analyzes it and converts it from a flood of information into intelligence.

This can be demonstrated by various examples:

  • Science and Research – Scientists and researchers can now analyze massive amounts of data to uncover patterns that were previously undetectable. This analysis led to major breakthroughs in fields such as genetics, environmental science, archeology, and more.

  • Medicine and Health - Big Data enables personalized medicine and adapting the treatment to each patient's needs, identifying potential risks, and preventing disease.

  • Economy - Big Data enables a deep review and analysis of the economy, with important insights on prices, trends, fluctuations in the capital market, and business activity. This allows businesses to adapt their financial decisions to the current economic situation and to prepare for different situations.

  • Transportation - A vast variety of information on transportation is collected using Big Data. This includes data on vehicle traffic, public transportation, different activities in the public space, and more. This data allows users to manage their time and plan trips in advance and for engineers to develop smarter and more efficient solutions for those using the road.

  • Big data also enables a more efficient and safer technological analysis of future transportation, such as electric and autonomous vehicles, which will make their way while communicating with other vehicles around them and with traffic lights while also detecting obstacles.

  • Advertising and Marketing - With the proliferation of social media and other online platforms, Big Data has a significant impact on society as a whole. We generate enormous amounts of information about our lives, preferences, and behaviors. This data is used by companies and organizations to characterize advertising campaigns and other marketing efforts.

All in all, Big Data affects many of the important aspects of our lives, allowing us to adapt our activities to the current reality and to carry out more efficient planning.

How can Big Data help us in the organization?

Big data helps organizations make data-based decisions and understand various processes and trends, identify new opportunities, and act accordingly.

The data includes information about customer needs, financial data, sales information, product history, and more. All this allows organization management to make data-based decisions much more quickly and accurately than in the past.

Technology allows organizations to adapt to the changing needs of the market, plan business strategies and achieve new goals.

This also contributes to the optimization of internal processes - the data allows organizations to understand which processes are undergoing distortion or inefficiency and decide on ways to improve them.

So, we're basically redundant here, aren't we?

In a world overloaded with data, the human element plays a major role (at least for now).

Managing data efficiently calls for key human qualities:

  1. Ask the right questions - the vast amount of information available today probably contains all the information we need and more. If in the past wisdom entailed locating knowledge or demonstrating knowledge, today we are required to fish it out of the immense ocean of information. The queries we will run through the search engine, and the conversation box used for conversing with Chat GPT, our filtering process will apply to the reports we will run, which will allow technology to fulfill our dream.

  2. Differentiate between different levels of importance - filtering out background noise is part of success. Our world is full of background noise, an endless stream of information from every direction. Alerts pop up non-stop, and the competition for our attention becomes more and more intense in every possible way, both in the physical space and in the virtual space, in every possible form - audio, video, text...

    We will have to choose what to consume and from what to generate insights.

  3. Distinguish between truth and lies - the world of big data creates a freedom of information unprecedented in human history, which leads to a variety of opinions, interpretations and even outright lies that are presented as established facts. The human eye is the one that will be forced to determine what to accept and what to reject.

What does the future have in store?

Looking ahead, the impact of big data is expected only to grow. As more and more devices connect to the Internet, we will create even more data than we do today. This will create new opportunities for innovation and growth but will also raise new challenges related to privacy, security, and ethical issues. Luckily, there are enough people to help us out.

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