I am a miner!
At Fellow Funders we want to continue discussing with you new concepts that are transforming the world. Today we are going to talk about BIG DATA, in other words, the generation and processing of large volumes of data. Welcome to the WORLD OF DATA, the raw material that will move the world!
What do we mean by BIG DATA? Once again referring to the famous Wikipedia “BIG DATA is a term that refers to a quantity of data that exceeds the capacity of conventional software to be captured, managed and processed in a reasonable amount of time“.
The digital world has changed faster in the last 5 years than in the previous century. We are generating more information than ever before, content abounds and we have a diversity and quantity of data that is impossible for companies and individuals to assimilate.
We are generating data and transmitting information about our tastes or needs when, for example, we search for an address on Google, share information on Facebook, send an email, put a fingerprint, and so on. This information is worth a lot of money for companies. A few numbers to put BIG DATA in context:
- About 40,000 new Google searches are performed every second, 3.5 billion searches per day.
- Currently, more data is generated in a day compared to what was created globally until the year 2000.
- It is estimated that from 2019 the annual investment required in BIG DATA will be more than 40,000 million Euros.
- Today 62% of companies use BIG DATA tools in some way for making decisions and approximately 74% of executives indicate that BIG DATA is essential for the digital transformation of their company.
- It is estimated that in Spain there are currently 350,000 unfilled positions in companies due to a lack of suitable profiles in BIG DATA and Business Analytics.
However, within the global concept of BIG DATA we must separate different elements:
- Data. We can talk about structured, unstructured and semi-structured data.
- Data origin. We can talk about data coming from people’s actions (emails, Facebook, …), data transactions (banks, …), electronic and web marketing (Google, …), machine to machine (bluetooth, wifi, …) or biometric (fingerprint, …).
- Data analysis. We can talk about different types of analysis, although we must highlight the association (allows to find relationships between different variables), data mining (aims to find predictive behaviors) and text analysis (allows to extract information from the generated texts -emails, blog, …).
At Fellow Funders we think that nowadays we all seem to be a bit obsessed with the topic of BIG DATA. It is not so important to generate huge amounts of data but the proper treatment of them and to be clear about what we are going to do with them. In other words, the most important thing is to convert the large volumes of data generated into useful knowledge that will allow us to optimize decision making and improve response times. As some experts say “BIG DATA is digital garbage if you don’t know how to deal with it“.
There are some sectors, such as finance, telecommunications, advertising, energy and above all big commerce and logistics, with special relevance to sales portals like Amazon or Ebay, that are already taking advantage of BIG DATA. However, there are still sectors where everything is yet to be done, such as education, culture, sports and especially healthcare. Can you imagine the potential benefits of BIG DATA with proper information processing?
- Personal and predictive medicine.
- Bioclimate management.
- Personalized leisure.
- Personalized education.
At Fellow Funders we do not want to be unaware of the business opportunities that BIG DATA can provide us as investors that is why in the coming weeks we will present some projects that are directly linked to BIG DATA. We encourage you to analyze them carefully and above all to let your imagination fly. We cannot be oblivious to the new industrial revolution that is taking place, it is a world full of opportunities!
Do you want to join the Fellow Funders world? We are waiting for you!