Republicans and Democrats can’t seem to agree on the best way to help the economy, but part of the solution is right under their noses. A new report from analytics and software provider SAS titled, “Harnessing Big Data to Mend our Broken Economy,” suggests that big data could be a big win for London’s economy, which begs the question, so why not here?
Utilizing big data not only increases business and government efficiency, but also drives innovation and improves performance. The benefits of big data are felt by the American worker, consumer and ultimately the nation’s financial market. According to the SAS report, because of big data, 58,000 jobs could be added in the UK by 2017. Big data also affords the public sector cost savings in fraud detection and better performance management, translating to an increase of surplus funds.
From healthcare, retail, energy and manufacturing, big data has the potential to save the U.S. billions of dollars. As a result, in March, the White House announced the creation of a Big Data Research and Development Initiative. With the federal government investing in the future of big data, experts in the field like GRT, can increase their efforts of aiding companies in securing, managing, analyzing and sharing large quantities of information.