The speed at which new big data solutions are implemented and all their implications for modern society are directly related to the benefit that this technology can provide for those willing to innovate their data analysis processes. A survey conducted by the Economist Intelligent Unit in 2012, with executives from various areas in several companies with annual revenues above US$500 million, confirms this relationship. According to this survey, 70% of the interviewed executives state that they made correct decisions based on data analysis, while 45% believe that more access to big data would have helped achieve even better results.
Several other studies have been conducted to evaluate the potential of technologies and methods associated with big data in corporate performance. The McKinsey Global Institute (MGI), for example, states in one of its well-known publications on the subject, that the potential for gain in the retail sector is especially significant, as it estimates that the operating margin of companies in this sector can be increased by more than 60%.
If analytical applications in the corporate world have shown extraordinary results, the public sector at all levels of government also offers enormous opportunities to improve the management processes of its various institutions. In the US public health sector alone, the same MGI report estimates the potential gain for the government from the effective use of big data solutions at over US$300 million annually. In this sense, perhaps one of the most relevant and prominent governmental initiatives to promote development from this technology is the Massachusetts Big Data Initiative.
The mission of the Massachusetts state project, known for the academic excellence of its universities that have made it a global reference in innovation in technology and management, is clearly and well-defined: to make the state a world leader in the development of innovative big data solutions. Two years after its launch in May 2012, the results presented in the Massachusetts Big Data Report 2014 are impressive and inspiring. In two years of work and strong public sector incentive, the initiative involved almost 500 companies, from small start-ups to large corporations operating in specific areas (e.g., applications, analytical tools, data management systems, etc.) and in solutions aimed at business verticals (e.g., manufacturing, energy, retail, etc.). In education alone, more than US$200 million were budgeted for research and teaching activities in big data-related courses, which has promoted the training of approximately 5,600 professionals annually capable of implementing analytical solutions that improve productivity and assertiveness in the decisions of companies and public institutions. The actions carried out as part of the scope of the Massachusetts Big Data Initiative have also stimulated private investment in companies based in the state and helped form a virtuous cycle to fulfill the project's mission.
Company and government initiatives such as those described above have been happening more and more frequently worldwide. In Brazil, it will be no different. The gold rush (data) to analyze the past, predict the future, and make the best decisions, whether to improve the performance of business processes or to increase the return on public investments, is just beginning. The results obtained so far leave no doubt as to the value of big data for society.