Big Data in the 21st Century..The New Digital Battlefield…
Big Data is a hot topic and is becoming increasingly more prominent in our everyday lives .
Horizon: The Age of Big Data (BBC2) showcased why data is such a valuable commodity for any growing business. Data mining is becoming increasingly vital as more data has been produced in the last few years than in the whole of human history.The hour long feature, aired at 9pm on Thursday 4th April, presented a series of practical applications of Big Data.
Focus began in Los Angeles with the crime prevention tactics of the LAPD. By detecting patterns in accumulated police data, it became possible to predict zones more prone to crime than others. The applied algorithms proved accurate and crime rates dropped by patrolling these areas more regularly. In Foothill there was a 12% decrease in property crime and a 26% decrease in burglary.
Other examples of data mining included financial formulas, DNA analysis and a South African project attempting to document the cosmos. David Harding, a physics graduate from Cambridge University, discussed his use of quantitive, statistical analysis and the foundation of his company Winton Capital Management. As of February 2012, his firm held a total of $28.5 billion in assets.
Data mining can also prove useful to the world of social media and targeted marketing. By analysing data produced by customers, companies can tailor advertisements to the interests and behavioural patterns of their consumers. One social media platform utilising this strategy is Facebook. Their new app Facebook Home replaces your phone’s homepage with direct Facebook access. Texting, phone number storage and instant chat will be channeled through Facebook and data can be sent to companies who will profit from it through target advertising.
According to EMarketer, Facebook will earn an estimated $965 million in U.S. mobile advertising revenue in 2013. In the second quarter of 2012 the entire advertising revenue of Facebook, including the website, was estimated at $992 million.
To implement Big Data strategies effectively the industry needs to develop talent and recruit those with strong data skill sets. Paul Lee, Head of Global Technology, Media and Telecommunications (TMT) at Deloitte, predicts that 140,000 to 190,000 skilled Big Data professionals will be required over the next five years in the US alone, with the current recession and high graduate unemployment figures, could this be a possible cornerstone for economic regeneration and growth for the UK?
The Digital Universe Study stated that the global data supply reached 2.8 trillion GB in 2012, with just 0.5% used for analysis. The unused data currently held could yield further commercially beneficial insights and practical applications.
Read The Digital Universe Study here:
Watch Horizon: The Age of Big Data (BBC2) here:
Big Data Week will take place from the 22nd-28th April and is designed to connect global cities hosting events, meetups, hackathons and debates to broadcast their passion and knowledge about data.
As part of Big Data Week The BIP will be hosting an Open Data Forum on the 25th April at Birmingham City University from 10:00am- 4:00pm. To book your places or find out further information please contact us on 0121 288 3660 or firstname.lastname@example.org or simply register from our events page http://www.thebiponline.co.uk/bip/events-3/
Check back regularly for further article and interviews in our series on Big Data.
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Tags: Amelia Ebdon, BBC, Big Data, Big Data Week, Birmingham Big Data, Birmingham Big Data Event, birmingham business news, Birmingham Open data forum 2013, Digital birmingham, horizon, Smarter Cities, The BIP