Editorial: Economic Growth in this new ‘Digital Century’

September 30, 2013 | By | Add a Comment

I was recently asked to write an Editorial piece for the bi-monthly ‘Agenda’ magazine published by Gosford Business Chamber. The article is reproduced below, with a link to ‘Agenda’ magazine.

Link to Gosford Business Chamber ‘Agenda’ magazine – online edition

ECONOMIC GROWTH IN THIS NEW ‘DIGITAL CENTURY’

DATA WILL BE A KEY DRIVER OF GLOBAL ECONOMIC GROWTH IN THIS NEW ‘DIGITAL CENTURY’. THIS DIGITAL ECONOMY WILL HAVE A PROFOUND EFFECT ON ALL ASPECTS OF SOCIETY – BUSINESS, EDUCATION, HEALTH CARE, FINANCE AND GOVERNMENT

Every day, 2.5 quintillion bytes of data is created – in fact, 90% of the data in the world today has been created in the last two years alone.This data comes from everywhere: social media sites, online purchase transactions, mobile phone GPS signals, and so on. This data is known as ‘Big Data’.

For small businesses and consumers, this ‘big data revolution’ promises a wide range of benefits. Big data will improve our communities, help us make better decisions and create a wide range of new business opportunities.

It is estimated that global online traffic will quadruple by 2015 as the number of gadgets linked to the internet climbs to 15 billion, according to a forecast by Cisco. Over the next decade, analysts expect the global volume of digital data to increase more than 40-fold. From a Central Coast perspective, the opportunity now exists to establish some quick wins from the NBN Rollout, driving economic prosperity for the region. In the US for example, communities are already leveraging these new fibre-optic capabilities to drive innovation and grow their economies.

There is no reason that Gosford cannot do likewise, and become the Central Coast’s own ‘Gigabit City’.

The digital economy removes the ‘tyranny of distance’, helping to level the playing field – particularly for small businesses in regions such as the Central Coast.

Cisco-BigDataStats

Filed in: Big Data

Patrick Spedding

About the Author (Author Profile)

Patrick Spedding is Senior Director of BI R&D for Rocket Software, and IBM Champion for IBM Collaboration Solutions. He is also a Non-Executive Director on the Board of Eastside Radio in Sydney, Australia. Prior roles include Director of Product Management for IBM Cognos, Director of Field Marketing for Cognos, Founder of Tableau partner See-Change Solutions, and SAS Solution Manager for BI and Strategy Management. Patrick's qualifications include an MBA degree in Marketing (AIU), Diploma in Management (University of Michigan), BSc (Hons) in Mathematics (Loughborough University, UK), Fellow of the Australian Institute of Management (FAIM), and member of the Australian Institute of Company Directors (AICD). Find Patrick on Google+

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