What makes most big data big is repeated observations over time and/or space, often from different sources in various formats. Potentially, the collection, storage and analysis of big data infiltrates all walks of life. It changes the way we connect to others, exchange information, knowledge and even feelings. It changes the way we take decisions, shop and play, communicate, work and collaborate. While connecting with platforms, while chatting and shopping we produce data. Those of us wearing sensors add to this enormous amount of data even more.

Particularly, firms might lose out as their competitors might use big data to be more innovative, to produce more efficiently, to market more tailor-made products, or to offer better services, so basically outcompeting them.

In this course we will figure out when the use of big data makes sense and under which circumstances their use might make all the difference to firms’ decisions. You can imagine that this depends a lot on circumstances. As we found in an EU research project on big data called BYTE (www.new.byte-project.eu) that we carried out recently, there are huge differences of how big data will affect different sectors. While we expect some sectors to fundamentally change in the way it works (e.g. the health sector) we do not currently expect this for other sectors, such as the shipping industry.

There are two ways to exploit big data technologies. One way involves collecting more data, and the other way involves building more elaborate models and more elaborate cases or human-labelled corpora.

There are basically three means for creating value out of data. The first is increased empirical knowledge. The second is enhanced automation and control of economic processes. And the third concerns the strategic use of information. Each of these means responds differently to propositions of collecting, labelling and modelling of data. By means of increased empirical knowledge companies in science-based industries such as biotechnology, chemistry, micro-electronics and pharmaceuticals might benefit if they are able to find ways to deal with it. By means of automation and control of economic processes the manufacturing industries, but also to transportation, infrastructure and logistics companies, wholesale and retail companies, and even advertising and commerce, benefit. By strategically using information as a source of value government, banking, finance, telecommunications, internet providers, arts and the military might enhance their products and services.