Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
    data driven insights
    How Data-Driven Insights Are Addressing Gaps in Patient Communication and Equity
    8 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: All Businesses Stand to Benefit from Big Data
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > All Businesses Stand to Benefit from Big Data
Big Data

All Businesses Stand to Benefit from Big Data

Joshua New
Joshua New
4 Min Read
SHARE

Last week the U.S. Chamber of Commerce Foundation hosted leaders in data innovation to discuss how data is changing the way businesses operate.

Last week the U.S. Chamber of Commerce Foundation hosted leaders in data innovation to discuss how data is changing the way businesses operate. The conference was held in conjunction with the release of the Foundation’s report, The Future of Data-Driven Innovation, which focused on themes such as how data is driving the economy, the policies needed to foster data innovation, and how data can be used for good. Each panel touched on the theme that all businesses can use data in innovative ways to offer huge benefits for industry and society alike.

Keynote speakers included Federal Trade Commission (FTC) Commissioner Julie Brill and Dr. Robert Sutor, Vice President of Business Solutions and Mathematical Sciences for IBM Research. Commissioner Brill emphasized the need for consumer trust in data-driven industries and addressed privacy concerns that might inhibit public willingness to support companies that relied on data collection and analysis. Dr. Sutor explained his role in helping IBM’s Watson famously compete and win against human opponents in Jeopardy. Sutor highlighted the difficult task of developing a cognitive computing system but explained that the payoff is worth it if more value can be generated from underused data sets. When most firms estimate they only analyze 12% of the data they collect, Sutor sees Watson as a tool to help industry better take advantage of this data in a time when “the volume, variety, velocity, and veracity of data is creating an unprecedented opportunity.”

The theme of getting more value out of existing data was addressed by numerous panelists.  Lack of access to raw data, weak data flows across borders (i.e. “data nationalism”), data security concerns, and the need for data and computer science education at all levels were all listed as factors preventing the public and private sectors from tapping the full potential of big data. Private sector innovators and public officials discussed problems ranging from the lack of agricultural data being made available to farmers, to ensuring that data privacy standards are tailored to address real, demonstrable threats instead of intangible fears and uneasiness about the data industry.

More Read

SeeWhy enables you to build real time metrics, and generate real…
5 Steps to Setting your Big Data Goals
Closing the Divide Between Marketers and Data-Driven Marketing Platforms
How To Create A 360-Degree Customer View Using Data
Data Analysis Brings Different Sales Promotion in Festivals

The concluding panel, which focused on altruistic applications of big data, highlighted the notion that access to information is a social good, and that big data can be leveraged to pursue philanthropic goals alongside business goals. Framing the debate on big data this way is crucial, says panelist Leslie Bradshaw of Made by Many, a self-describe “innovation company” that makes digital products, when discussing the potential bias to blame big data instead of praise it. When a new drug developed through by countless hours of complex data analysis saves lives, we say “great job, medical community”, when it might be more appropriate to say “great job, data scientists”.

Panelists all agreed that data will soon be the biggest driver of the economy, if it is not already. With this enormous economic and altruistic potential in mind, it is crucial policymakers and regulators approach data-driven industry from a perspective that capitalizes on this opportunity instead of dwelling on unsubstantiated fears.

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics and truck accident claims
How Data Analytics Reduces Truck Accidents and Speeds Up Claims
Analytics Big Data Exclusive
predictive analytics for interior designers
Interior Designers Boost Profits with Predictive Analytics
Analytics Exclusive Predictive Analytics
big data and cybercrime
Stopping Lateral Movement in a Data-Heavy, Edge-First World
Big Data Exclusive
AI and data mining
What the Rise of AI Web Scrapers Means for Data Teams
Artificial Intelligence Big Data Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Know Your Data: Navigating the Data Complexity Matrix

10 Min Read

Mind Maps of #textanalytics

2 Min Read

Driving Analytic Value From New Data

7 Min Read

Counting Observations

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?