Businesses of all sizes can benefit from the insights of Big Data.

This was a key conclusion of a recent seminar on the topic organised by Barclays in collaboration with the Manx Technology Group (MTG).

Industry experts Joe Hughes, CEO of MTG; Kristan McDonald, managing director of MTG; Dave Taggart, COO of Glycyx Therapeutics and Russell Gundry, director of 3RDO Limited, took part in a discussion chaired by Simon Scott, country head for Barclays in the Isle of Man.

They talked about what Big Data is -large data sets that can be analysed to find patterns, trends, and associations, especially relating to human behaviour and interactions - and how it is becoming an increasingly fundamental part of how businesses operate.

opportunities

The seminar covered the opportunities and advantages for businesses using Big Data and the value of the insights that can be gained by monitoring customers’ habits and competitors.

The experts also discussed the many challenges of Big Data including data protection, data ownership, cyber-security and ethical usage.

Mr Hughes said: ’Big Data can be used by a multitude of businesses no matter what size and can have a direct impact on the success of the company.

’For example Big Data can help businesses target customers’ behaviours and habits.

’If one person has lunch every day at one supermarket and if a competing supermarket was aware of that, they can use that data to send targeted offers at lunchtime to entice the customer to their establishment.

’However one of the biggest issues with Big Data is protecting the public and ensuring that data is used ethically.

’Questions about who owns the data and whether permission is needed to build logs of people’s whereabouts via their phones are in constant debate.’

Mr Scott said: ’Barclays was pleased to host this panel event to give the business community the opportunity to discuss the many opportunities and challenges surrounding the use of Big Data with local experts.

’Barclays is committed to our shared growth ambition which includes helping to drive economic growth and fostering business innovation in the island.

’Hosting events which support members of the business community to develop their knowledge and learn valuable skills which will aid the success of their companies and in turn enable the local community to prosper is important for achieving this ambition.’