Big Data is extremely large data sets that may be analysed computationally to reveal patterns, trends and associations, especially relating to human behaviour and interactions. Now, that computer scientists have developed a way for us to collect and analyse huge amounts of data instantly, we can use this to accelerate economic development. However, there can be problems as the data can be unruly, due to the variety in form and sources.
So, you might be thinking what does Big Data have to do with economic development? Everyday you deal with huge volumes of data when seeking business attraction to your location. Data can be around demographic and industry information to geographical information. Businesses use this information to decide whether or not they pick a certain location, thus it is crucial to find a way to collect and analyse this information to give you the most success. By having access to the large amount of information that Big Data gives us, it can also be a havoc to find a way to present it in a compelling and structured way.
Now companies see that this can be an issue and have created systems to help us manage the vast amount of complex data. Google is a great example of a company adapting to Big Data.
The example most commonly used when talking about Big Data is to think about data as if it were oil. When we extract oil from the ground, its value is limited because there isn’t much that can be done when it is in its crude form. The value comes with each successive stage of refinement, the processing that needs to happen to move it from those first barrels all the way to a high-performance sports car.
Data is the same it needs to be analysed and then you can see its value. By having the data clearly structured into graphs and charts you will be able to gain the valuable insight from the data. Additionally, it will give you help needed to set your location apart from the rest, as economic development is highly competitive. Thus, using Big Data will give you the edge you need to secure new business.
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