Publication

Big Data: The challenge of anticipating the future

February 21 2017
Executive Education INCAE

With increasing force, information has become one of the most appreciated resources for companies, but What to do with all this universe of available data? 

The answer, precisely, becomes one of the main functions of the Big Data: Facilitate a world of processed information to contribute to the decision-making phase.

Data analysis allows you to create strategies, predict trends, anticipate potential events, and have time to react in the best way to phenomena that would otherwise be impossible to predict or track.

Properly processed information can translate into more precise public policies, drive better managerial decisions, create an intelligent market, and innovative health-related processes, among others.

The challenge is to recognize that the information is available, waiting, and that it is a matter of treating it appropriately.

When it comes to consumers, Big Data allows establishing a one-to-one dialogue with the customer or consumer, to know what they like, how they behave and in this way build the appropriate shopping and consumption experience for each person, said Francisco Montesinos, commercial manager of GBM Costa Rica.

It will also allow a company to know how its products or services are perceived in order to adapt them or innovate with greater certainty.

Any company can take advantage of information analysis to go beyond traditional information and turn that knowledge into a competitive advantage.

Andrés Casas, a Deloitte Business Risk partner, considers that not taking advantage of the Big Data trend is like being a pilot who does not use any instrument to carry out his work.

The pilot can use his expertise to reach a destination, but that reality cannot be compared to that of a colleague who has GPS, a computer, and who also uses other guides and instruments to make decisions that take him to smarter routes. , which provide you with savings and recommendations on the use of fuel and transportation.

Another advantage of Big Data is cost reduction, as it allows to refine processes and minimize the time required to go from an idea to commercialize a product successfully.

The banking and finance sector, retail sales, the insurance and manufacturing area, information technology and the health care sector, are some of the pioneering fields in the use of Big Data solutions. 

Its use, however, is increasingly moving towards less traditional sectors, including entertainment.

“It is about converting large volumes of data into knowledge. The people who make decisions will have information in real time that was impossible to obtain in the past, ”said José Cano, Big Data expert at IBM Costa Rica.

Excerpt from the article published in the magazine Strategy and Business, edition No. 199.

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