Unlocking the Value of Big Data Through Science
IBM estimates that 90 percent of the data in the world today has been created in the past two years. Virtually every sector of the economy now has access to more data than would have been imaginable even a decade ago.
The increasing volume and detail of information captured by businesses, and the rise of multimedia, social media, and the Internet of Things, means that organizations are accumulating new data at a rate that exceeds their capacity to extract value from it.
The rise of “big data” has the potential to deepen our understanding of phenomena ranging from physical and biological systems to social and economic behavior. However, deriving social and economic value from newly available data requires distinctive new skills and tools. The field of data science is emerging at the intersection of social science and statistics, information and computer science, and design. At the same time, new technologies are emerging that can organize and make sense of this avalanche of data.
SGS Philippines has embarked on a journey to understand data science through a series of seminars for business managers and their teams, in order to promote a culture of data analysis that mines information in order to extract new insights and value.
Human Resources Director Michelle Garcia comments on a shift in thinking that is starting to happen internally, “For example, in our management meetings, our Finance Director now presents data using visual correlations and graphs, which helps to bring the numbers to life. This is very refreshing, and it stimulates discussions and new thought processes in our meetings.
“The value of the program is really opening our minds to how we can use and better analyze data and tell the stories behind them. We are already seeing new training requests to unlock business intelligence for business value. More generally, the seminars are creating an appetite for curiosity, which is a great development internally.
“Of course, the potential for data science extends beyond our own organization to our customers and other stakeholders. The business and societal benefits of data science are limitless. Even though data science is a relatively new discipline, SGS is ideally placed to nurture the technical skills, knowledge and mindset to catalyze complex data and apply it in a focused way for business and societal benefit.”