The Future of Data | Tiago Santos | TEDxEUBusinessSchoolBarcelona

Summary

The speaker discusses the historical and evolving role of data, from ancient statistics in Egypt to modern concepts like data warehouses, business intelligence, and predictive analytics. Highlighting the extensive use of data in various fields such as finance, HR, sales, medicine, and sports, the talk underscores the challenges and potential risks associated with data. Emphasizing the importance of human decision-making, the speaker argues that while data can predict future events, its true value lies in how people use it, stressing the need for ethical and responsible data management in an unpredictable world.

Takeaways

• 😀 Data has been a part of history since ancient times, with examples such as the use of statistics in building pyramids in Egypt around 2600 BCE.
• 🏛 Governments have utilized data for over 150 years, with Spain's first census in 1856, to inform decisions such as infrastructure planning and taxation.
• 💡 The present sees the use of complex data concepts like data warehouses, business intelligence, data mining, big data analytics, predictive analytics, cognitive analytics, and augmented analytics.
• 🔮 Predictive analytics attempts to forecast future events, such as sports outcomes, based on gathered data, but acknowledges the inherent uncertainty in predictions.
• 🧠 Cognitive analytics is used to predict human behavior, considering patterns from heritage and current behaviors, highlighting the personalization of data applications.
• 🚀 Augmented analytics employs natural language processing and machine learning to make data analysis more efficient and accessible.
• 🌐 The future of data is shaped by the five V's: Volume, Value, Variety, Velocity, and Veracity, emphasizing the growing scale and complexity of data management.
• 🔒 Data veracity is crucial in distinguishing truth from falsehood in a world awash with data, which is a significant challenge for the future.
• 🌐 We live in a BANI world—Britain, Anxious, Non-linear, and Incomprehensible—which is even more unpredictable than the previous VUCA (Volatility, Uncertainty, Complexity, Ambiguity) concept.
• 🛡 Data's value is in its accessibility; those who can leverage it effectively will gain a competitive advantage, but this advantage is fleeting in a democratizing data landscape.
• 🤖 The danger of data obsession is highlighted, where companies may focus too much on data rather than on people, potentially leading to a loss of direction and purpose.

Q & A

What is the historical significance of data in ancient Egypt?

In ancient Egypt, data was used in the form of statistics around 2600 BCE when they were building pyramids, demonstrating that data has been a part of human history for a very long time, even though it wasn't called 'data' back then.

How has Spain utilized data from its census campaigns?

Spain has been conducting census campaigns every 10 years since 1900, using the collected data for various purposes such as deciding where to build schools or hospitals based on population age and growth, as well as for taxation decisions based on the number of inhabitants and the wealth of each city.

What is the purpose of a data warehouse?

A data warehouse is an electronic system designed to store information securely and reliably, serving as a repository for data that can be analyzed for various business and operational needs.

What is the role of Business Intelligence in a company?

Business Intelligence involves using data to make informed decisions that help companies grow. It aids in understanding the business environment, customer behavior, and operational efficiency, among other things.

How does Data Mining differ from Big Data Analytics?

Data Mining involves searching for patterns and correlations between different events and variables within data, while Big Data Analytics focuses on handling and analyzing large volumes of data from diverse sources to discover insights and trends.

What is Predictive Analytics and how is it used?

Predictive Analytics is a technique that uses data to forecast future outcomes. It gathers historical data and applies statistical algorithms to predict what is likely to happen, such as determining which team might win a sports competition.

How does Cognitive Analytics predict human behavior?

Cognitive Analytics uses data patterns from individuals' past behaviors and heritage to predict how they might behave in the future. It can be applied in various fields, including education and public policy.

What is Augmented Analytics and how does it benefit data analysis?

Augmented Analytics employs natural language processing and machine learning to automate the data analysis process, making it quicker and simpler. It aims to extract intelligence in a more efficient manner, allowing users to go beyond traditional analysis.

What are the five V's of data and why are they important for the future of data?

The five V's of data are Volume (the amount of data), Value (the usefulness of data in operations), Variety (the range of data types), Velocity (the speed at which data is generated and processed), and Veracity (the trustworthiness of the data). These aspects are crucial as they define the challenges and opportunities in managing and leveraging data in the future.

Why is it challenging to predict the future of data?

The future of data is challenging to predict because we live in a BANI world (Brittle, Anxious, Non-linear, and Incomprehensible), which is even more complex and unpredictable than the previous VUCA (Volatile, Uncertain, Complex, and Ambiguous) world.

What is the main conclusion of the speaker regarding the role of humans in the future of data?

The speaker concludes that no matter how much technology, science, and data evolve, humans will always be in control. It is the individual's responsibility to use data wisely and ethically, ensuring that it is a solution rather than a problem.