Data:  Cornerstone of our digital present Because when we talk about the present, we refer to the immediate future, to what is already happening, to what is inevitable and to what undoubtedly will decide the fate of any business that wants to tackle a customer-oriented digital transformation. According to Elena Alfaro, Executive Manager of Innovation and Development at BBVA, “the future of digital companies is based on the way they use information to create and improve their services.” The way companies, of a digital or acquired gene-type, use data to create a better customer experience will differentiate them from those that can barely keep up their businesses and will convert them into the drivers and leaders of their sectors. However, data use and transformation in business must evolve in parallel with the protection and security of those generating it. The development areas Elena highlights range from education of the public in a data culture, i.e. the ethical use of the exchange (such as in data used for medical purposes) as well as protection, harmonisation, storage or legislation, which in many cases remain in a legal limbo. But how do we use all these millions of data items (Big Data) properly and productively in a large organisation like BBVA?  Through an iterative data analysis structure, which is an algorithm based on the repetition of instructions whilst a true condition is met. For example, analysing the most frequently demanded products in a particular customer universe.

This way, we will be able to preempt their tastes and interests, feeding back a product offering based on their needs and improving our visibility compared to our competitors.

Let’s take a look at the cases of Netflix and Amazon. Both companies have learned to understand to perfection the path to take in using their customers’ data and their service offering. The former has created a series of algorithms that enable it to analyse market trends based on the volume and supply of contents. In the case of Amazon, its algorithms are based on analysing trends in order to distribute product families through a website access, whose offers meet the customer’s needs to perfection. Both are examples of companies that are already here in today’s digitisation and they provide value. Big Data will not only be used for commercial purposes, but also for life experiences. Its analysis is helping to control risk, prevent fraud and appraise the financing business. The European Union will attempt to fill the gaps existing in data protection issues with a new directive that will come into force in 2018. A matter still pending, therefore, if that public and private institutions find a suitable environment to collaborate, in order to transform data use that will be typical in the future into a platform of today.