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Using Big Data is recognized as meaningful and important. On the other hand, there is a consensus among experts that the blind trust in big data can quickly lead to infringement of personal information and may have a negative effect on individuals. The key to leveraging Big Data is to understand people first.

Using Big Data is recognized as meaningful and important.

With the development of IT technology, fast and precise analysis of a massive amount of data can now be done. The increased interest in using data, the demand for big data analysis is growing, too.

On the other hand, there is a consensus among experts that the blind trust in big data can quickly lead to infringement of personal information and may have a negative effect on individuals.

The derivatives that led to the global financial crisis in the past have been developed on algorithms used in big data analysis. This example shows you the risk of believing in data predictions.

Besides, excessive use of Big Data can lead to infringement of personal information.

Securing data without customer consent or the right system can create serious social issues.

The US Consumer Federation and the Electronic Privacy Information Center have repeatedly commented that personal information could lead to wrong decisions, and data-driven predictions could have adverse effects on individuals if used in the public sector.

In Korea, there have been reports that more than 50 million personal information was leaked due to hacking(Chosun Ilbo Article on Personal Information Leak, October 2017).

The temptation to use data to make accurate decisions is very attractive to decision makers.

However, data must be used as a means of understanding people, and ultimately the success of a company's decision depends on understanding the consumer precisely.

Experts say that three factors are critical to the successful use of Big Data. 

The first is the right skill set to process and analyze data.  

Selecting from among a myriad of data is essential.

The second is the ability to distinguish between meaningful data.

Based on an understanding of the market and the consumer, it is necessary to have people who are able to make wise decisions and discover meaning in an overflow of information.

Third, the decision to apply the data to the real business.

Based on insights to the business, market, and consumer, quick identification of issues discovered through data and the application of them to real business processes is essential.

Establishing a business strategy based on data analysis is no longer an option, it's a must.

However, the key to leveraging Big Data is that to understand people first.