Big Data Guidebook – Chapter IV : The Economics of Big Data

In the 3rd chapter, we have dealt with the issues related to the scientists and the craftsmen. Now we shall deal with the economists, group who are going to gather their and other people’s money with a compelling logic that the following will happen

  • They are going to get more value in tomorrow than doing this elsewhere
  • They will use the coco-nut tree metaphor where you water the tree for 4-5 years and then it provides you many order more packaged water free of cost for some 10-12 years. 
  • They will convince others that this is the next great thing. 

Now, money managers need to have one virtue : they need to have the canine sense of future money. Without this, a money manager and his money will part soon. 

For time being, try to heighten your sense of smell and consider yourself as a money manager. What will be the characteristics

  • More money to be paid at the top few [ High CEO payments and bonuses]
  • Lesser money and more people at the bottom [ Call Centre, Data Entry ]
  • An unstable middle management whose functions will be delegated to lesser level (with time), directly usurped (technological change), ambition from below and demotion from top. 

So, future Big Data Architecture will be guided significantly by the ‘visualization of the big data’ in the mind of the money manager 

  • Few Philosophers and Craftsmen (P of the PSEL framework) who will decide and can visualize Big Data better 
  • A group who will convince and spread – Marketing – a sub-part of the S and E of PSEL
  • Labour whose job will be to structure the unstructured with a little understanding of the overall process. Present army of coders. 

The Money managers run two risks, one systemic and two specific in case of Big Data 

  • Law of diminishing marginal return. This is systemic. When everyone will have a BIG Data Officer (like Information Officer), it is clear that diminishing returns have set.
  • The top may be starved of data by the bottom-army. Since the bottom level will be huge in numbers and top do not have the simple magnitude of numbers, any rebellion (labour unrest, machine rebellion) will be difficult to quell, if organized properly
  • The architecture will depend on the S part of implementing security and capture and this may also rebel and how to take proactive action. 

This closes Wordsmith Purport of the Money Managers with respect to Big Data.

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