The data nation: Why Israel is becoming a major hotspot for data scienceJun. 26, 2016
Widely known as the “Startup Nation”, momentum in Israel’s tech ecosystem has been accelerating, in part due to the rise in use of data analytics to measure and predict behavior and to drive business decisions.
Data science is a booming industry in the tech ecosystem as a whole. With an increasing number of companies, both small and large, demanding more and more immediate information and data-based analyses to help drive business decisions and acquire new customers, the sheer influential power of big data cannot be disputed.
This is especially true given the volume of information that needs to be extracted, condensed, and properly analyzed in order to be effective in facilitating, if not triggering, business transformation.
Today’s demand for fast, actionable, data-driven business intelligence is, in many ways, the fulfillment of many expert predictions over the past few years. According to a 2011McKinsey Global Institute Report, large data sets or “Big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus”.
While big data may be a trending topic across many tech ecosystems, the ability to properly interpret such data in order to drive decision making is what defines its ability to impact business performance and to generate value for its adopters.
To start out with, New York-headquartered Sisense, a fast-growing big data analytics and business intelligence platform with an R&D center located in Israel, is a harbinger of the Israeli data science community.
Meanwhile, on the enterprise level, online ecommerce powerhouse Ebay recently announced the launch of a big data-focused lab in Israel, an initiative that will give a group of academics and entrepreneurs access to millions of records in Ebay’s data sets in order to fuel innovative research projects. This exciting move can directly increase the public’s contribution to large-scale big data-led ventures.
An especially compelling example within the field of health sciences is SQream Technologies, a Tel Aviv-based company that introduced a patent-pending technology, which is able to convert large genome data sets into smaller units. These data bundles can then render as images that are suitable for display on a computer screen. By making this health care information more accessible, SQream’s solution represents a step in the right direction in terms of enabling better medical treatments and using genome data to actually save lives.