Along with the advent of digital technology, new technologies in the field of information and communication have created a revolution that completely changes the economic model. Experts all over the world have the same view that “Big Data” will be an effective economic weapon of the future.
First of all, what is Big Data? The term “Big Data” was found in the Harpers Magazine in 1989 by the famous writer Erik Larson, when he wrote about junk mail. However, the term Big Data is currently understood with the definition given by Gartner analysis company in 2008. Later, this definition was revised and supplemented by Gartner. Today, Big Data can be interpreted as “a collection of extremely large numbers of data, owned by other companies, governments or organizations that are processed through algorithms to turn raw data into valuable information data”.
Moreover, what changes can Big Data make? Actually, Big Data has extremely potential applications. It allows exploiting information in an untapped state, finding interactive relationships that have never been known in order to make decision on policy. This is especially important because we are living in an age where information is a strategic strength.
Added to this, Big Data leads to the emergence of new methods of collecting and processing new information in the social sciences. For example, in 2010, Erez Aiden and Jean-Baptiste Michel, two graduate students from Harvard University (USA), came up with the idea of using Big Data to study the culture and human history. They wrote software called Ngram Viewer, which allows you to see how many times a word is used in millions of books that Google has digitized. The results of this study, shown in diagram form, answered many interesting questions about society. For instance, do we care much more about God today than in the 1800s? How has human language changed? When is the phrase “go to the movies” used more overwhelmingly than the phrase “read newspaper”? Of course, the power of Big Data’s influence is most evident in the economic field. Information processing, especially information related to customer needs, allows businesses to improve trade and marketing strategies significantly. It allows predicting future trends, consumer habits, improving customer relationships, and increasing recruitment efficiency.
Furthermore, Big Data has an impact on all industries, sectors, especially those sensitive to technology development. According to a French expert, 10 years later, the use of Big Data in pharmaceutical industry management, especially in the research and development, in drug distribution or prevention of fraud, may allow the creation of income about 300 billion Euros per year. In the public domain, Big Data can help reduce the cost of the European Union (EU) to 20%, which means about 300 billion Euros. According to a research by International Data Corporation (IDC), in 2016, 51% of French enterprises started to exploit Big Data, while in 2012 only 7%. Moreover, France is also at the forefront of this field in Europe.
To sum up, it is important for every country all over the world to understand and apply Big Data to enhance competitiveness and ability to improve technology, when the economy’s fate is determined by the ability to grasp global development trend.