What does it take to build a new business? The answer is usually a shopping list consisting of money, people, equipment, materials, and knowledge. But what if some of these items are scarce or few? Does this mean that the potential business idea is doomed, especially if the country the business will operate in lacks the required resources? The answer is no, the potential business idea has all the resources it needs with the integration of Big Data
“Data is becoming the new raw material of business”
Mundie is completely right in saying so. Big Data is the ultimate game changer in the world of business for a number of reasons. First, Big Data is relatively inexpensive compared to the cost of machinery or technology. Second, so long as basic math and computer skills are taught, Big Data doesn’t require a PhD to learn (although having a PhD in analytics never hurts.) Lastly, Big Data transcends language barriers. As the language of data is numerical, the findings are simple to express and outcomes easy to convey. The key is asking the right questions of the data
Big Data has brought opportunity to the emerging markets of B.R.I.C (Brazil, Russia, India, and China) in a way that has made them an equal contender in the world’s economy. Here are some of the ways Big Data is being used in these countries:
Although Brazil was a little late to the Big Data game, it was quick to institute college and university courses to its curriculum because it lacked qualified analytic professionals. The second reason for this educational action was to help build its citizens resumes and qualify them for higher paying jobs in fields of statistics, math and technology, both locally and abroad.
For years Russia has been a leader in technology. It should come as no surprise that Russia has some of the world’s most highly reputable programmers in the field of Big Data and analytic technology. From developing telecommunication software to using data to assess weather conditions for travel, Russia is creating data technology that the everyday person will use. At a competitive level, Russia is able to keep it costs down which has made their services desirable to smaller businesses who are looking to outsource their data analytics.
The people of India are known for their upbeat attitudes and kind demeanor, which is why many telecommunication centres set up shop there. The sheer population of India gives it a huge competitive advantage when it comes to labour. Telecommunication service are viewed mainly as a customer service function of any business. However, telecommunication is brimming with Big Data opportunity. At its base, telecommunication is Big Data personified. It is the collection of data on the human experience of any business’s products and services. The data that is collected via telephone exchanges is then collected and converted to the insights that make the decision-making opportunities of Big Data so effective.
Aside from China’s vast population, it was the first to use electronic trading. China’s Big Data advantage comes from its large population. This large population gives China the largest databases in the world from which to draw insights and analytics from. These large databases have given China great predictive power in terms of financial planning and spotting market trends. This ability to foresee financial opportunities and pitfalls has made the world’s economists and stockbrokers turn to China for financial advice.
It would be remiss to omit Mexico from the list of emerging markets. Mexico has been using Big Data to create jobs and control drug-related violence in recent years.
Big Data has cracked the code on business opportunities in many ways. Most importantly, it has created a level playing field for markets to set up shop and advance in the global economy quickly and efficiently. It should be mentioned that most of the advances that these countries have made in Big Data have only been in the last four years or less. B.R.I.C may be referred to as emerging markets but with the results of their efforts today, they will be mature in no time.