Creating a predictive future with big data

Recent years have seen a rapid increase in heterogeneous data over the Web of an unexpected scale and complexity. Such big data is everywhere, generated from all kinds of sources and applications such as social network services and cloud services.

Big data – is it just a marketing buzzword, a technical term – or does it carry a more important meaning?

“Big data will be a game-changer as we move further into the future,” says Qiang Yang, Hong Kong University of Science and Technology’s (HKUST) chair professor and head of computer science and engineering. “It creates new possibilities in many walks of life, all because of its predictability.”

In the healthcare industry, for example, big data predictive analytics is just about everywhere. From flagging drug interactions to predicting sepsis, from modelling emergency department use to triggering an automated phone call for a mammogram reminder, healthcare providers are leveraging patient data for an astounding array of care tasks.

The emergence of big data also presents massive opportunities for investors in the stock market, enabling traders to identify the best companies in which to invest. Big data technologies are also harnessed by internet giants such as Amazon, Alibaba and Taobao to read customers’ minds in order to tweak marketing campaign offers, refine operations, minimise risks and engage new customers.

“The magic of big data analytics lies in its ability to provide actionable insights for tomorrow based on today’s figures,” says Yang. “While big data is always discussed based on the 4Vs – volume, variety, velocity and veracity – its true value goes beyond these aspects.”