Key lies in how to develop lasting business models
The Ministry of Science and ICT officially launched big data platforms and centers Monday to create a data ecosystem and lay the foundation for innovative growth.
The government project calls for establishing 10 big data platforms in sectors such as finance, logistics, the environment and transport, and 100 big data centers under those platforms. The big data platform combines several big data tools and utilities into one package for managing and analyzing the collected information.
The ministry will pour 151.6 billion won ($128.8 million) into the project over the next three years, including 64 billion won this year. Big data, along with artificial intelligence, has been cited as one of the three national growth areas, but experts have pointed out that Korea lacks in both the quantity and quality of big data domestically to back it up. It is meaningful the project has finally been launched despite such limitations, and some controversies stemming from the selection of mostly public, not private, entities for the project contrary to initial expectations.
There is still a lot to be supplemented for its success. Above all, officials should clearly define the role of platforms and centers. The centers' role is relatively clear ― production of data. On the other hand, the platforms' role is to analyze and distribute collected data.
To analyze data, platform operators should have comprehensive knowledge about the information as well as those who produce it. That requires accumulated experiences and superior technology. Distribution of data is not easy, either. To distribute and spread data, they should read the market precisely and process data appropriately. We have to wonder whether the platform operators will be able to do that.
There are ways to make it possible ― successful commercialization or developing business models. The participants should focus on developing business models and help them make a soft landing so that they can continue to work in markets even after the project period ends. If data production and distribution stop after the project period is over, it will suffer the disgrace of being mere window dressing. All parties involved should never forget that the project will not proceed smoothly if they start off on the wrong foot.
The Ministry of Science and ICT officially launched big data platforms and centers Monday to create a data ecosystem and lay the foundation for innovative growth.
The government project calls for establishing 10 big data platforms in sectors such as finance, logistics, the environment and transport, and 100 big data centers under those platforms. The big data platform combines several big data tools and utilities into one package for managing and analyzing the collected information.
The ministry will pour 151.6 billion won ($128.8 million) into the project over the next three years, including 64 billion won this year. Big data, along with artificial intelligence, has been cited as one of the three national growth areas, but experts have pointed out that Korea lacks in both the quantity and quality of big data domestically to back it up. It is meaningful the project has finally been launched despite such limitations, and some controversies stemming from the selection of mostly public, not private, entities for the project contrary to initial expectations.
There is still a lot to be supplemented for its success. Above all, officials should clearly define the role of platforms and centers. The centers' role is relatively clear ― production of data. On the other hand, the platforms' role is to analyze and distribute collected data.
To analyze data, platform operators should have comprehensive knowledge about the information as well as those who produce it. That requires accumulated experiences and superior technology. Distribution of data is not easy, either. To distribute and spread data, they should read the market precisely and process data appropriately. We have to wonder whether the platform operators will be able to do that.
There are ways to make it possible ― successful commercialization or developing business models. The participants should focus on developing business models and help them make a soft landing so that they can continue to work in markets even after the project period ends. If data production and distribution stop after the project period is over, it will suffer the disgrace of being mere window dressing. All parties involved should never forget that the project will not proceed smoothly if they start off on the wrong foot.
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