“Big Data” looks set to become one of this year’s big business trends, and to our delight, Europe is taking a new, positive view on this long overlooked resource. European Commission officials recently have outlined ambitious EU plans to benefit from the increasingly large and complex datasets that permeate the information economy.”five exabytes of data were stored online every day. We recently announced that 60 hours of video is uploaded each minute on YouTube and Facebook users generated an average of 3.2 billion Likes and Comments per day during the first quarter of 2012. From Fusion Tables and Public Data Explorer to Flu Trends and Translate, Google’s data innovations and initiatives have produced robust tools for making sense of data.research from MIT professor Erik Brynjolfsson suggests that data-guided management provides private companies with a crucial competitive edge and that companies making good use of data can have five to six percent higher productivity. Professor Brynjolfsson is coming to Brussels and speaking at the Bruegel Think Tank on May 7. Retailers such as Zara analyze data of sales and inventory to speed up the fashion cycle; instead of launching new collections each six months, Zara has new ideas on the shelves within weeks. By sharing data and using controlled experimentation, Fiat and Nissan have cut new model development time by 30 to 50 percent. Patricia Wruuck, Policy Analyst, Brussels
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