Will these 2017 big data, AI and IoT predictions ring true? Among them: AI will be hot and will be used in conversations between buyers and suppliers in the form of chatbots and digital assistants; deep learning will finally become a reality; and, early adopters of machine learning will have a huge advantage because the system would have begun learning about the business sooner.
Analytics involving 3,000 couples – married or otherwise – presented a correlation between the price of an engagement ring and the length of marriage. If you are spending a large part of your salary on your other half’s diamond ring, be prepared to split up. But then again, in data science, correlation is not always causation.
Last month a company sold 100 units of a product without having conducted any prior marketing activity. Then it ran a direct mail campaign at the start of this month. By the end of this month, it had sold an additional 112 units. Did the campaign work? The fact that there was a campaign and an increase in sales (a correlation) doesn’t necessarily mean that the campaign was responsible for the increase (causation).
This is how we explain Big Data to our neighbors. The Big Data Big Insights infographic is one of many MDEC’s efforts in explaining the concept of big data and analytics to the layman.
The term Big Data has been around since the early 2000 when Doug Laney, an industry analyst, came up with what is now the mainstream definition of big data. According to him, big data constitutes “The three V’s” – volume, velocity and variety. Big data is not a single technology but a combination of old and new technologies that helps companies gain actionable insights.
With the emergence of Internet of Things (IoT), the number of connected devices is estimated at 27 billion by 2020 thus illustrating the possibilities of improved efficiency in how we work and live in the near future. It is important to note that IoT is more than just the communication between machine-to-machine (M2M) but the valuable data extracted and leveraged on from the connection of sensors and machines.
Last year, a study was conducted by Frost & Sullivan to access the opportunity and impact of open data in Malaysia. And the result was an eye-opener. Open data in Malaysia, if fully realized, can potentially unlock US$12 - US$18 billion in total economic value annually.
What is the big data analytics (BDA) opportunity in Malaysia by 2020? It is a staggering US$7 billion in economic value waiting to be unlocked across seven major industries – public sector, healthcare, finance, retail, internet & mobile, manufacturing and energy.
We have the technology and data to combat the Zika Virus and potentially find a vaccine for the virus that will hit 4 million people by 2017. We are just sorely lacking a data lake platform to pull all these disparate data - from clinical trials, surveillance activities and provider networks - together so that everyone can work on analyzing the data and accelerate the vaccine development process and other solutions.
From 2014 to 2015, Malaysian organizations have progressed within the Ad-hoc stage (experimental, silo-ed proofs-of-concept, undefined processes) in IDC’s Big Data Analytics MaturityScape (Stage 1 out of 5), but they still lag behind leading countries like Singapore, Australia and Hong Kong in the APeJ region.