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Why Crowdsourcing and Open Innovation Can Rule Big Data

Why Crowdsourcing and Open Innovation Can Rule Big Data

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Published by: Crowdsourcing.org on Dec 28, 2011
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08/14/2013

 
Why Crowdsourcing and Open InnovationCan Rule Big Data
Posted by Clinton Bonner on Wed, Dec 28, 2011
Big Data, this is a term that you will hear over and over again for manyyears to come. In a recent article, we discussedseveral strategictechnologies that woulddominate 2013 and ourprediction was simple, if BigData is big in 2012, it's evenbigger in 2013.
Let's Start Small in BigData
Possibly you're questioningthe term "Big Data" andwonder what it represents, so let's start small. You can find definitionsthrough a Google search of course, but I happen to appreciate this Quorasubmission by David Vellante that states:
"...data that is too large to process and manage using conventionaldatabase management technologies. Big data has numerous attributes inaddition to its large size, including it is typically unstructured and oftendispersed."
 With theemergence of web 3.0 - chip enabled every "thing" - the data we humans are set to collect will dwarf the amazing amount of data we
 
already collect. There are industries that are interested in this data and Ithink they innately make sense.
Healthcare companies want more real-time data on your wellness.
 
Apparel companies yearn for more real-time data on yourperformance.Retailers want to study emotional responses that triggerconsumption.
 The list goes on and the hyper-connected future will deliver to thesecompanies streams of real-time data like never before.
Making Sense of Big Data
This is the "Golden Goose" of Big Data. Collecting the data will becomeeasier and easier but understanding 2 important things - How toeffectively filter it all & What to do with the data once collected - akahow to monetize the data in some way - will be where the winners in BigData leave the losers in the electronic dust.Algorithms will power the Big Data revolution. The beauty of algorithms is, they are never about a final solution. Instead they arefocused on the innovation of better, faster, more productive, moreefficient and the era of Big Data will be all about "better". Filteringinformation better, pairing what seemed to be completely disperse datasets in a unique way that breeds a better understanding of behavior. Thestudy of Big Data
is
the pursuit of getting better at understanding.Advanced algorithms will power this pursuit.
 
Open Innovation: AlgorithmsFrom All Corners Bring UniquePerspectives
The most popular article we've everwritten on the TopCoder Blog is
.I recommend that articlefor a good foundation to build upon this argument for why Big Dataneeds Open Innovation to accelerate the value to the masses.There is no substitute for the outputs - in both quantity and quality of extreme value outcomes - created via Open Innovation competitions. 3Key factors make this true on the TopCoder Platform.
1.
 
Shared Knowledge through Transparency Improves theIndividual's Skill-Set
- As members compete, they gain access tobest solutions and techniques. They learn from others and getbetter.2.
 
Near-Field Expertise Spurs Innovation in Brand New Fields
-Quite often in innovation, it's not an expert in their exact field of study creating a Eureka! type breakthrough. It's someone withdeep knowledge in a near-field repurposing their knowledge tosolve something new OR an expert in a given field repurposing anear-field discovery and bringing it into their realm. Either way, inan Open Innovation community such as TopCoder, this is innatelyfostered.3.
 
Different Cultures Bring Different Perspectives
- Algorithms solvecomplex problems by making things "better". Because algorithms

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