More than 100 years ago, the discovery of oil marked a significant milestone in human history. Its discovery notably accelerated the industrial, commercial, and transportation movements, leading to the prosperity of many countries, creating a qualitative leap in the income levels of their inhabitants. Today, as we live in the twenty-first century and enter the era of the Fourth Industrial Revolution, many experts view Big Data as the “future oil.” Its use and utilization will be of great importance, representing a significant source in the digital economy of many countries.
Big Data is defined as a set of large, high-speed, and diverse raw data that require innovative, efficient, and non-traditional methods for analysis and processing to obtain valuable information from them. The concept of Big Data began to spread since 2005, and the interest in it has rapidly increased since then. According to a report by the company “Statista,” revenues from Big Data and related business analytics reached $49 billion worldwide in 2019, and the global Big Data market is expected to grow to $103 billion by 2027, more than double the size of the market in 2018.
There are numerous and diverse sources of Big Data, classified into three main groups: Social Data, Machines Data, and Transactions Data. Social Data sources include likes, tweets, comments, video uploads, and public media shared on various social media platforms worldwide. This type of data provides clear and accurate insights into consumer behavior and interests, playing a pivotal role in marketing strategies analysis.
Regarding Machines Data, it is collected through equipment, electronic and industrial devices, sensors installed on machines, internet locations, or various programs that monitor user behavior. The growth of this type of data is expected to continue steadily with the increasing use and prevalence of Internet of Things (IoT) applications across various sectors. As for Transactions Data, it is generated from all daily transactions conducted online, such as financial operations, shopping, electronic payment, and filling out various forms. However, these data have no value without analysis and understanding. “Mining and refining” such data to obtain high-value information from them is the real challenge.
There are promising opportunities to leverage Big Data in both public and private sectors. In the public sector, massive structured and unstructured data related to citizen transactions and records can be utilized by linking this data, facilitating services through a national digital network (E-government network). This network contains all updated information, initiating positive changes by reducing the time needed to complete transactions and improving performance. The data will also clarify the progress rate in all government departments and institutions. Moreover, it will contribute to making important decisions for countries, especially in challenging circumstances (such as the COVID-19 pandemic), where accurate data on strategic stockpiles of energy, food, medicine, basic goods, supply chains, and production have been a crucial factor in disaster management, sustaining life, and avoiding economic problems in many major countries. In the healthcare sector, having an updated and interconnected data network significantly aids in studying prevalent diseases, categorizing them by age groups, creating effective preventive measures, treatment plans for all types of diseases, and monitoring patients’ conditions. As for the private sector, there are many aspects to benefit from Big Data in understanding and analyzing sales and purchasing trends for all customers, categorizing goods by importance and demand volume. This applies to all retail sectors, in addition to enabling companies to utilize customer loyalty programs to meet their various needs.
Promoting new products is crucial. Social data primarily contribute to understanding internet users’ preferences and interests, thus enhancing competitiveness in e-commerce and promoting goods based on customer needs, offering competitive prices. Big data is closely linked to other digital technologies such as Cloud Computing, particularly in storing and processing large data sets, surpassing regular computers in handling big data. Additionally, big data is associated with Artificial Intelligence as a significant source in Machine Learning for more effective operation, enabling various machine learning types (Supervised, Unsupervised, and Reinforced learning) and utilizing Deep Learning models. Digital transformation and big data are also leveraged in Business Intelligence to establish new digital methods for managing all business aspects. Undoubtedly, significant challenges hinder optimal utilization of big data, including a lack of specialized skills and trained expertise in data science, efficient infrastructure and systems for receiving, managing, and analyzing data as required. Security and ensuring privacy are crucial challenges facing big data, necessitating organizations to maintain data confidentiality, store it securely to maintain trust between the entity and its clients. Data governance emerges as a critical step for managing data, regulating data handling concerning its privacy, quality, usability, aiming to produce high-quality, clean, accurate, secure, and modern data. Universities and technical colleges are responsible for building capabilities in big data by developing current specializations or introducing new ones, including Data Science, Business Intelligence, and related fields to meet the increasing demand for these roles globally, creating new job opportunities. Moreover, collaboration between universities and specialized research centers in analyzing various data sets for scientific research across different fields, furthermore establishing tech-savvy knowledge companies to assist governments, companies, and diverse sectors in analyzing rich digital contents to formulate new strategies, enhance service quality, and improve various sectors like industry, trade, energy, education, and healthcare. In conclusion, big data has become a primary source of power in knowledge-based societies, significantly contributing to supporting sustainable comprehensive development efforts, making informed decisions based on genuine understanding and analysis of reality. This requires a deep awareness of the importance of data and leveraging all available resources to adopt the real hidden knowledge economy beneath it. Written by: Belal Khalid Al-Hafnawi Specialist in the telecommunications, information technology sector, and digital transformation.
