Big Data's Economic Impact

Source: https://www.ced.org/blog/entry/big-datas-economic-impact

Nowadays, as technology advances in every sector of life, it will directly influence our life as human beings. One of the most common technological discoveries that progressively helping people is big data. Big data is beginning to have a significant impact on our knowledge of the world. Increases in human knowledge have always played a large part in enhancing economic activity and living standards.

A recent OECD report shows the ways that better data will affect the economy like producing new goods and services, optimizing business processes, more-targeted marketing, better organizational management, and faster innovation through a shorter research and development cycle.

The article summarizes some studies on how big data can impact the economy, especially in the US. A report from McKinsey Global Institute estimates that Big Data could generate an additional $3 trillion in value every year in just seven industries. Another study released by The Omidyar Network which is the impact of Open Data policies on government. It concluded that the implementation of these policies could boost annual income within the G20 by between $700 billion and $950 billion. Also, a study by the Direct Marketers Association found that Big data could reduce barriers to entry by making it easier for small companies to get useful market data.

Data will become even easier to collect, transmit, store, and analyze all because of the advancement of technology. Together with any useful and convenient resources that exist, it will enable a vast range of new products and services, also the ability to build an advantageous business model for the company as well for consumers.



Kelly (陳莉時)
D0731529





Comments

  1. Aileen 蔣慧玲May 11, 2020 at 8:18 AM

    Aileen 蔣慧玲
    D0726917
    Comment#3
    Economy plays a major role in people’s lives. Kelly chose the perfect topic to share because economy is important. It is essential for us to have more knowledge in this field of learning. It is interesting that the article that Kelly shared talks about how technological advances, especially big data have a significant role in enhancing economic activities and living standards.

    From the article, I learned that big data can affect the economy by making people be more innovative in producing new goods or services, optimizing business processes, using customer feedbacks to target the right market, provide a better organizational management, etc. With the help of big data, it is proved that it can help generate a lot of additional revenue. Other than that, big data can also help reduce barriers in getting useful information.

    I agree with Kelly, this advanced technology is very helpful for us when we want to collect, transmit, store and analyze datasets. Moreover, if we can use big data and other resources together, it will be easier and convenient for us to produce new goods or services that attract a lot of people and have a successful business in the future.

    To conclude, it is important for people to be up to date with the latest technology advances. Why is it important? Because if we take advantage in using advanced technology in a right way, our life will become a lot easier and we can reap a lot of benefits from it and become more prosperous. Anyway, technology can help us no matter what field we are focusing on.

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