Big data analytics
Present situation worldwide and in Switzerland
The growing availability of data is triggering a surge in big data analytics tools, which is in turn favoured by steadily rising network speeds, the number of connected devices and increased computing power. We are currently witnessing strong consolidation within the sector. Exponentially growing data volumes can thus be used more effectively and more efficiently, yielding valuable insights. Contemporary systems are able to record, administer and organise enormous quantities of structured data. Going further, the latest advances in artificial intelligence (AI) are paving the way for processing unstructured data. AI technologies enable a wide array of applications through the use of large data structures. They yield deep insights by learning from the data and from interacting with users.
Implications for Switzerland
In Switzerland, big data analytics is currently transforming many sectors. It is revolutionising customer care in banking, changing decision-making in investment banking, and improving fraud detection. Insurance companies are using large data platforms to automate claims processing and their business model will evolve with personalised risk assessment. In the pharmaceutical industry, the discovery of new drugs is being revolutionised as big data analytics tools are making it possible to draw upon vast quantities of scientific insights in organic chemistry. With the rise of smart factories (industry 4.0), the manufacturing industry is currently undergoing a fourth industrial revolution: large data volumes and AI technologies are being used to automate decisions and to steadily optimise productivity, quality and reliability.
Big data analytics solutions have already become economically significant for Switzerland. Their positive impact on the Swiss economy could be strongly enhanced if SMEs were to also make extensive use of such tools, in particular in the fields of electrical engineering, retail, services, machines and watchmaking. Big data analytics enables SMEs to better compete with larger market players, to generate new knowledge and to achieve and maintain technological leadership. The analysis and forecast of market and client behaviour allows them to better meet customer requirements. In order for SMEs to fully exploit the potential of large data applications, data provision, data acquisition, data labelling and data reconfiguration must be simplified. The value and commercial potential of large volumes of data depend on their quality and their credibility. The importance of data protection and privacy provides Switzerland with an opportunity to position itself as a safe haven for data. Establishing a favourable regulatory framework and an open market for data would promote big data analytics by breaking up data silos across companies and industries and stimulating the appraisal and the exchange of data, while ensuring data protection, safety and trust.