Is Big Data a Disruptive Innovation to RCEP?

Abstract

Big data does not only revolve around how much storage is needed for data, but rather its capability of assisting in many areas, such as economics, healthcare, educational institutions and others. Big data has a lot of potential to increase international trade. As the most significant free-trade agreement, the Regional Comprehensive Economic Partnership (RCEP) can utilise big data and related technologies to create fair and mutually beneficial trade. With the main characteristics of volume, variety, and velocity, big data provides strategic advantages for businesses that use it. The data can be processed using descriptive, diagnostics, predictive and prescriptive analytics. However, not all RCEP members have the same level of data processing capability. Therefore, this study examines how RCEP members utilise big data by extracting data from secondary sources. The results showed that each of the RCEP members’ IT development also varies, and so does the use of big data. Therefore, decision-makers need to resolve issues related to data utilisation, especially in terms of digital literacy, security, and privacy.<br>