Advent of Big Data Analysis (Part 1)
In manufacturing technology, the Philippines has been left behind by its East Asian neighbors because of policy mistakes in the past. Although there are signs that manufacturing is going through a renaissance in the Philippines during the past few years, especially fueled by domestic demand, it will take some time before we can catch up with our peers, even in Southeast Asia alone. In a recent workshop on Big Data held at the University of Asia and the Pacific, there prevailed an optimistic view that, given close cooperation among the Government, academe and business sector, the Philippines can be at the forefront of Big Data Analysis as we try to upgrade the BPO-IT sector from voice-oriented BPO to KPO (knowledge process outsourcing). One of the movers in this fledgling industry is former Secretary of Trade and Industry, Gregorio Domingo. As a key investment and industry adviser in the large conglomerate of the SM Group, Mr. Domingo is setting his sights on significantly increasing the use of data analytics in the operations of the leading retailer in the country that has diversified into real estate, logistics, banking, education, energy and many other sectors. Just consider all the data that are being generated by the numerous retailing outlets in the SM malls and the banking transactions of BDO, the largest bank in the country. Harnessing these data for better decision making can significantly increase the productivity of their business operations.