BIG data analytics, a key tool in making smart business decisions, is expected to make an impact on many business establishments and institutions next year.
Cobena president and CEO Francis del Val said this following the launch of his company flagship service, Gateway, recently.
Gateway is a geospatial analytics system that leverages on location data.
The system uses a growing database with more than 100,000 establishments and over 250 data layers on socio-economic and environmental information, collated from official government and published sources.
“This is about the adoption of gateways, especially for real estate development. That’s very powerful for restaurants, that industry’s services and its fast-moving goods,” said Del Val during the company’s launch activity at the Shangrila Hotel in The Fort, Taguig.
With the use of Gateway’s systems, businesses can help spot potential growth areas in the regions and provinces, all the way to the municipalities and barangays.
“At the municipality level, we can value demand by putting together information from government statistics like family income and expenditure, and all other info we have,” said Del Val.
With Gateway, Cobena was able to find important economic factors that could benefit the country.
The system was able to learn a lot about the growth of the Philippine economy.
First, it has determined that by projecting the growth rate of the Philippine population and compared it to the statistics of neighboring countries, they found out how the economy will progress within the next 25 years.
According to research, the Philippines is poised to enter a so-called demographic sweet spot from 2015 to 2040.
That’s when the economically active portion of the population will increase to about two-thirds of the population.
At the same time, they learned that the young dependent population will decline from a third to only about 25 percent during the same period.
Officials at Cobena believe that this could mean unprecedented economic expansion for the Philippines.