**Big Data Must Talk Value [Dr. Cheong's Talk Part 1]**
In Hong Kong gangster movies, negotiation scenes often depict two bosses facing off calmly, surrounded by their tense-looking henchmen. The negotiation outcomes are either a "hug" or a "fight." In this new column, I, Dr. Angus Cheong, will discuss matters not to "hug" or "fight" but to share insights on the current hot topic—big data (Big Data) and its related matters, with an aim to clarify and correct misconceptions.
Having focused on and practiced big data applications for many years, I have frequently attended seminars and social events recently, where I have both spoken and listened to others. It seems everyone is talking about big data, but not everyone can explain it clearly. Dan Ariely, a professor at Duke University, described this phenomenon aptly: "Big data is like teen sex—everyone talks about it, nobody really knows how to do it; everyone thinks everyone else is doing it, so everyone claims they are doing it."
Easy to Have, Hard to Refine
Some say big data is the oil of the future, while others say it is an asset for enterprises. If that were true, there should be no poor countries or companies with negative assets in the world. Oil needs refining, and assets need to be maintained. How to refine and maintain is the big question when dealing with big data. What we currently know about big data is just the tip of the iceberg.
As textbook definitions go, big data has four V's: Volume (large amount), Variety (diverse types), Velocity (high speed), and Veracity (truthfulness). A simpler definition is data that cannot be processed by traditional single-machine computers. So where does data with these characteristics exist? Smart cities, IoT, intelligent transportation, smart healthcare, e-commerce, online payments, precision advertising, social media, etc., all generate massive amounts of data fitting these characteristics. But can we say big data is like oil or an asset?
Take a simple example: businesses and governments often use social media data to monitor and analyze public opinions on a brand, product, service, or social issue. They use so-called analytics to filter, describe trends, classify, and analyze positive and negative sentiments expressed through text, images, or videos, and present the results in flashy visual charts. This process is akin to refining oil. However, if the crude oil being refined is of poor quality, the refining tools are outdated and prone to contamination, can the final product be usable oil? Clearly, the answer is no. Therefore, the true utility of big data lies in whether we can use the right tools to collect and process useful data and extract its real "value"—the fifth V that I advocate for big data—Value.
Dr. Angus Cheong Chairman of the Asia-Pacific Internet Research Alliance and Chief Data Consultant at uMax Data Technology Ltd.
(Originally published in Hong Kong Economic Times, reprinted with permission)