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BIG DATA The next frontier for emerging market

BIG DATA The next frontier for emerging market. USC CSSE Annual Research Review March 14, 2013 Rachchabhorn Wongsaroj Bank of Thailand, Visiting Scholar @ USC. Outline. Current situation What is big data? Why big data is important? Big data cases Research challenges

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BIG DATA The next frontier for emerging market

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  1. BIG DATAThe next frontier for emerging market • USC CSSE Annual Research Review • March 14, 2013 • RachchabhornWongsaroj • Bank of Thailand, Visiting Scholar @ USC

  2. Outline • Current situation • What is big data? • Why big data is important? • Big data cases • Research challenges • Big data in Thailand • Future research

  3. Current Situation • Data Quantity Lots of data is being created & collected Global data • Data Quality Problems • Data Variety • Data Timeliness

  4. What is big data? Big Data = Volume, Variety and Velocity Volume Variety People to People People to Machine Machine to Machine 20 Hours of video uploaded every minute 8 Billion messages/day 845M active users 340Million Tweets/day 140M active users Velocity Source: Gartner & IBM

  5. Why big data is important? Emerging Technologies Hype Cycle 2011 (Gartner)

  6. Why big data is important? Emerging Technologies Hype Cycle 2012 (Gartner)

  7. Why big data is important? Source: McKinsey Global Institute Analysis

  8. Why big data is important? Big data can generate significant financial value across sectors Global Personal Location Data $100 billion +revenue for service provider Up to $700 billion value to end users Europe Public Sector Administration £250 billion value/year ̴0.5 % annual productivity growth US Health Care $300 billion value/year ̴ 0.7 % annual productivity growth US Retail 60+% increase in net margin possible 0.5-1.0 % annual productivity growth Manufacturing Up to 50% decrease in product development Up to 7% reduction in working capital Source: McKinsey Global Institute Analysis

  9. Why big data is important? Health Care sector has potential to invest $300B 32% $108B $47B Account 14% $47B R&D personalized medicine, clinical trial design $108B R&D Accounts advanced fraud detection: performance based drug pricing 2% $5B Business Model aggregation of patient records, online platform and communities $165B Clinical 49% $165B Clinical transparency in clinical data and clinical decision support 3% $9B Public health surveillance and response systems Source: US Department of Labor

  10. Big data cases

  11. Research Challenges Customer micro-segmentation Sentiment analysis Performance transparency Labor inputs optimization Price comparison services Source: McKinsey Global Institute Analysis

  12. Big data in Thailand • Language • Cost of implementation • Magnitude of data • Demographic data generator • Data type Challenges

  13. Big data in Thailand Language (natural language processing) • no space between words • Combination between Thai –Foreign languages • Lack of Thai text analytic components Example

  14. Big data in Thailand Cost of implementation 13 Big data vendors in 2013 Hadoop : Requires: ~$1 million between 125 and 250 nodes Distribution: Annual costs: ~$4,000 per node -> A small fraction of an enterprise data warehouse $10-$100s of millions.

  15. Big data in Thailand Magnitude of data As of September 2012 44% 60% use Local Bandwidth 31% 14% 9% Local Bandwidth (.th, or.th, etc) 1,006,140 Mbps Overseas Bandwidth 405,860 Mbps 25% use smart phone 8% use tablet

  16. Big data in Thailand Demographic data generator Most data are from young generations Population 65M Internet users 25M 39% of population use Internet 85.9% of data is created by Internet users age 6-24

  17. Big data in Thailand Types of data – limited Big data technique application Only 2.12% focus on Education Source: http://www.prd.go.th/ewt_news.php?nid=23168

  18. Bank of Thailand (BOT) Website – As is Manual Checking Financial institution DB3 BOT data (Internet/ Extranet) Template Input Manual Submit DB 2 DB 1 • Problems • Too many steps • Once due - act first, fix later • Too many stakeholders • Bureaucracy management style BTWS Working Auto Submit BOT Website Source: Bank of Thailand

  19. BOT data website – As is Revision Policy Volume Timeliness Manual Checking Variety Query Data (BO) Cross Validation Input Data Complex Validation Input Template Manual Check Manual Submit Website Velocity Approve Accuracy & Reliability Source: Bank of Thailand

  20. Future research • Data quality management • Tools • Template • Checklist • Process

  21. Reference • Big Data: The next frontier for innovation, competition, and productivity, McKinsey Global Institute Analysis • Understanding Big Data: Analytic for Enterprise Class Haddop and Streaming Data, IBM • Gartner Report • Thailand National Statistic Office • Thailand Digital Statistic Source • Bank of Thailand (www.bot.or.th)

  22. BIG DATA • The next frontier for emerging market Thank you Q & A • RachchabhornWongsaroj • Bank of Thailand • Visiting Scholar @ USC

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