Internet And Mobile Technology Brings Economic Development (Paperback) | Released: 07 Dec 2019

⦁Big Data's Economic Impact to raise (AI) mobile need.Big Data is beginning to have a significant impact on our knowledge of the world. This is important because increases in human knowledge have always played a large role in increasing economic activity and living standards. Continued improvements in the price and capacity of tools for collecting, transmitting, storing, analyzing and acting upon data will make it easier to gather more information and to turn it into actionable knowledge of how systems work.Big Data is best understood as an untapped resource that technology finally allows us to exploit. For instance, data on weather, insects, and crop plantings has always existed. But it is now possible to cost-effectively collect those data and use them in an informed manner. We can keep a record of every plant's history, including sprayings and rainfall. When we drive a combine over the field, equipment can identify every plant as either crop or weed and selectively apply herbicide to just the weeds. It is one good example to be used on agricultural industry aspect. So, farmers can earn more benefits when they apply big data to gather any weather, insects and crop plantings information to decide when is the suitable time to grow crop on farm any time when they touch their (AI) mobile tool in any time and anywhere very conveniently.Such new use of data has the capacity to transform every industry in similar ways. A recent OECD report listed some of the ways that more and better data will affect the economy, they may include as below: Producing new goods and services, such as the Nest home thermometer or mass customized shoes; Optimizing business processes; More-targeted marketing that injects customer feedback into product design; Better organizational management; and faster innovation through a shorter research and development cycle.A report from McKinsey Global Institute estimates that Big Data could generate an additional $3 trillion in value every year in just seven industries. Of this, $1.3 trillion would benefit the United States. The report also estimated that over half of this value would go to customers in forms such as fewer traffic jams, easier price comparisons, and better matching between educational institutions and students. Note that some of these benefits do not affect GDP or personal income as we measure them. They do, however, imply a better quality of life.The impact affects more than consumers, however. Erik Brynjolfsson of MIT found that companies that adopt data-driven decision making achieve 5 to 6 percent higher productivity and output growth than their peers, even after controlling for other investments and the use of information technology. Similar differences were found in asset utilization, return on equity, and market value. Moreover, the Omidyar Network recently released a study of the impact of Open Data policies on government. The report concluded that implementation of these policies could boost annual income within the G20 by between $700 billion and $950 billion. The benefits include reduced corruption, better workplace conditions, increased energy efficiency, and improved foreign trade. Even the advertising industry, whose use of data is sometimes viewed with suspicion, delivers large benefits. A study by the Direct Marketers Association found that better use of data made marketing more efficient both by allowing companies to avoid sending solicitations to individuals who are unlikely to buy their product and by matching customers with offers that better meet their individual needs and interests. Big data also reduced barriers to entry by making it easier for small companies to get useful market data. Finally, another McKinsey study concluded that free Internet services underwritten by Internet advertising delivered significant benefits to Internet users. It estimated the social surplus from these services at 120 billion euros, 80 percent of which went to consumers.