Data is a massive volume of information collected from multiple sources with a high velocity and in diverse formats. In this rapidly expanding flow of data, relying on your gut feeling or cumulative experience is no longer accurate enough to drive an organization. Most organizations are starting to rely more on Big Data analytics to make their strategic decisions.
In the era of Big Data, it is necessary for an organization to be aware of this change and learn how to make the best use of this precious source (from either internal or external sources), for instance, by sharpening their business strategy, monitoring the business outcome, and analyzing new business opportunities.
An example of the use of Big Data in the private sector is an e-commerce business website. It tracks the behaviour patterns of a particular customer in every aspect and collects this information in a pool of data. With Big Data, the website autonomously reacts to that specific customer by recommending other items he or she may like. Apparently it’s necessary to file every piece of data including name, address, sex, nationality, age, purchase history (e.g. type of product, purchasing time, and the value of a product) to source a potential product to match a particular customer. In any case, the formulated data analytic depends on the population demography in social and cultural aspects and the full amount of data.
An example of Big Data use in the public sector is the government’s financial aid campaign to support low-income citizens. Instead of reaching the entire low-income population in the country, Big Data (from any source) helps to specify an eligible group of people who are particularly in need. Also, it helps in categorizing the level of financial support that suits the low-income citizen in each criterion. For instance, in the case of a senior with a leg disability who is willing to stay at home due to the difficulty in communiting, the government may support this case by providing her waived fee coupons for physical therapy services, finding a home-based job that matches her potential, providing an apprentice program and recommending jobs in the neighborhood for her children, and following up by offering any possible opportunity to better their quality of living. This shows the links among multiple sources of information from the Ministry of Health Database, Civil Registration Database, Local Business Directory, Hospital and Rehabilitation Center Directory, and the Social Security Office Database.
Monsak Socharoentum; Senior Expert and Acting Vice President Digital Platform and Service