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  • Peter Kam Fai Cheung SBS

Big: Data, Impact & Profit

May 17 is the World Telecommunication and Information Society Day (WTISD). The goal of WTISD is to raise public awareness of societal and economic impact of the internet and other information and communications technologies (ICT). May 17 is the anniversary date of the creation of the International Telecommunications Union (ITU).

In the mid 1980s, I aimed high, studied Space Law and came to know about the functions of ITU. It allocates global radio-frequency spectrum and satellite orbital frequencies regulating the use of the rather limited natural resources in space. ITU also sets technical ICT standards that interconnect networks so that we have seamless access to cyberspace.

Every time when we use ICT via our mobile devices, computers and machine sensors, we generate and contribute to the building of big data. The theme of WDISD's 2017 focuses on how to turn unstructured, imperfect and complex data into information that is value-added and actionable such as business intelligence. Taking a strategic approach to big data such as using advanced data analytics to get insights to deliver a distinctive customer experience can capture additional value, add competitive business advantages, gain substantive profits and grow the business.

In the final analysis, all these machine-enhanced marketing capabilities depend on any business' creative-innovative-intellectual property-loaded value propositions. ICT digitalize creative goods and deliver them near-instantaneously. When people value more the result of intellectual effort and spiritual satisfaction, I believe the trading of virtual goods ie original literary, dramatic, musical and artistic works, sound recordings and films will become the next generation of e-commerce!

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