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Big Data: Getting SmarterCharles MokLegislative Councillor (Information Technology)
2016.4.30 @ HKUST MBA course sharing
Datasets getting bigger
Big Dataecosystem is maturingBig Data startups received $6.64B in venture capital investment in 2015, 11% of total tech VC.
Convergence of cloud, analytics, mobile and social technologies
Are these your questions?1. How can it help enterprise stay competitive?
2. How to drive innovation, growth & transformation?
3. How to integrate big data into operations and business development while keeping costs low?
How can big data help meet business goals?
Reduce cost
Improve productivity
Customer acquisition
and expansion
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Next-gen sales and operations planning
Improved segmentations to up-sell and cross-sell
Process and information automation
Is big data still THE thing in 2016?
Plateau reached?
New hype?AI, machine intelligence, deep learning…
Enterprise tech:Legacy infrastructuremakes deploymentcomplicated
Now that I have data, what insights am I going to extract from it?
Data: The More the Better?
Size is no longer king
content and context more important
time, location, associations, links, interdependencies, etc.
Problem arises
structured data (your company's proprietary
information) x unstructured data (public sources such as
social media streams and government feeds)
= ?????
Data cleansing, labeling and organising become essential before the data is made USEFUL New opportunities / business?
Example: Big Data for Financial Modelling
Boutique firm specialises in providing non-traditional / alternative data
From social media buzz to satellite images, mined by cutting-edge computer scientists
Allows new insights for investors and analysts, users can develop their own valuation model
Help analyze massive amounts of data and derive predictive insights…
and help data scientists to do a quicker and better job.
AnalyticsThe rise of algorithm & AI to handle unstructured data for
business intelligence
Example: FinTech
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The flowAggregate Anonymize
Analyze
Data from business operations
Media
Customer engagement
Actionable Data
Experiment DeploymentProcessesDiscoveriesDecisionsApplications
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How can big data increase ROI?
• More precise decision-making• Real time analysis and capture
opportunities• Value-adding and knowledge management
Emerging trends in big data
IoT, Cloud and Big Data
come together for real time analytics consumer can use
Chatbots are taking over: Big tech companies’ new battling ground
DigitalGenius: chatbot startup raised US$4.1 million funding early April 2016 harness the technology for automating customer service operations.
Requires combing through lots of data and returning an answer by machine learning
New government initiatives
Increase the Wi-Fi hotspots to over
30,000 in Hong Kong.
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Big Data x Open Data: Transport as case study
No Open Data, No Smart CityWhat can developers use at present?
Available for free - items in transport:
● Journey time indicators ● Speed map panels ● Traffic snapshot images ● Traffic speed map● Routes and fares of public transport
● MTR routes, fares and barrier-free facilities
● Electric vehicle charging station locations
Upgrade of TIS in the next few years to support real time data,analytics, and…
Open data?
Overseas: government support to sharing real time data/API
What difference does it make? In HK we have an approximate
In Tokyo and London, we get real time info
Policy perspective: Big data / Open data
Access to informationTransparency
ParticipationA better citizen experience for a more connected citizenry
Big Data and Citizen Engagement
• Public participation system
• Smart Engagement: Polling and data mining
• Identify public opinions for targeted policy initiatives
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Use of personal-identifiable data- growing concern for consumers- focus for regulators- battleground for consumer trust
Companies need to proactively respect and protect consumer data
Thank [email protected]: Charles Mok 莫乃光www.charlesmok.hk