McKinsey tackles the subject of “Big Data” at different levels of detail. I’ve read the overview. Next up, the executive summary. One day soon, the full (150+ pages) report. It could be time well spent…
• Big Data: The next frontier for innovation, competition and productivity (home to the executive summary and full report)
Now, as computers and cell phones continue to pervade our daily activities and as millions of networked sensors are being embedded in these devices (as well as in automobiles, “smart” meters, and other machines), the amount of data available for analysis is exploding. The scale and scope of the changes that such “big data” are bringing about have reached an inflection point.
New research from the McKinsey Global Institute (MGI) finds that collecting, storing, and mining big data for insights can create significant value for the world economy, enhancing the productivity and competitiveness of companies and the public sector and creating a substantial economic surplus for consumers.
Transparency, enabled by big data, can unlock a great deal of value.
Big data allow organizations to create ever-narrowing segmentations and to tailor services precisely to meet customer needs.