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Big data : The next frontier for innovation, competition, and productivity
2012.04.26. UX Lab meeting표민기 [email protected]
McKinsey Global Institute, 2011
Memo, Note-taking, PIMS, Lifelogging...
그리고 흘러흘러 Big data
Big data, a growing torrent & captured value
What do we mean by [Big data] ?
[Big data] refers to datasets whose size is
beyond the ability of typical database SW tools
to capture, store, manage, and analyze
#1. Not defined as a certain number#2. Can vary by sector
Why everyone keeps saying Big data?
Enormous trails of data
-Communicating, browsing, buying, sharing, searching-that consumers going about in a digitized world
#1. Individuals generate a tremendous amount of digital [exhaust data] #2. So, Companies and organizations go about their business and interact with them
But, what does it mean?
vs.
Suspicion on this mere collection of dataNothing more than an intrusion of privacy
Significant value for the economy,enhancing the productivity, competitiveness for consumers, companies, and public sector
#1. Store, aggregate, combine data#2. Perform deep analysis#3. Extract insight from data
Detailed examination of Big data in this report
5 representative domains where the importance of big data is growing
US Health Care
Europe Public Sector
US Retails
GlobalManufacturing
GlobalPersonal
location data
Detailed examination of Big data in this report
7 Key Insights
1. DATA HAVE SWEPT INTO EVERY INDUSTRY AND BUSINESS FUNCTION AND ARE NOW
AN IMPORTANT FACTOR OF PRODUCTION.
2. BIG DATA CREATES VALUE IN SEVERAL WAYS
3. USE OF BIG DATA WILL BECOME A KEY BASIS OF COMPETITION AND GROWTH FOR
INDIVIDUAL FIRMS
4. THE USE OF BIG DATA WILL UNDERPIN NEW WAVES OF PRODUCTIVITY GROWTH AND
CONSUMER SURPLUS
5. WHILE THE USE OF BIG DATA WILL MATTER ACROSS SECTORS,
SOME SECTORS ARE POISED FOR GREATER GAINS
6. THERE WILL BE A SHORTAGE OF TALENT NECESSARY FOR ORGANIZATIONS
TO TAKE ADVANTAGE OF BIG DATA
7. SEVERAL ISSUES WILL HAVE TO BE ADDRESSED TO CAPTURE THE FULL POTENTIAL
OF BIG DATA
#1.Big data as an important factor of production
[enterprises] 7 exabytes of new data[consumers] 6 exabytes of personal new data
vs.90 percent of the data discarded
(e.g., almost all real-time video feeds created during surgery).
Data amount and intensity
US economy200 terabytes of
stored data
European organization70% of the storage
capacity of US
Asia/Developing countriesLeading region for the
generation of personal
location data (over 800
millions of mobile phones)
vs. vs.
#2. Various values created by Big data
#1. Creating transparencyeasily accessible to relevant stakeholders in a timely manner sharply reduce search and processing time.
#2. Set up controlled experimentsAnalyze variability in performance and manage performance to higher levels.
#3. Segmenting populations to customize actionsCreate highly specific segmentations and to tailor products and services precisely
#4. Replacing/supporting human decision making with automated algorithms
#5. Innovating new business models, products, and servicesex. casualty insurance based on where, and how, people drive their cars.
#3. Key basis of competition and growth for individual firms
UK Tesco : big data to capture market share from its local competitors
Data create new growth opportunities and entirely new categories
#1. Some of these opportunities will generate new sources of value; others will cause major shifts in value within industries
#2. In a big data world, a competitor that fails to sufficiently develop its capabilities will be left behind
#3. Well worth the investment to create big data capability.
#4. New waves of productivity growth and consumer surplus
Big data improve efficiency and effectivenessPolicy makers is who understand accelerating productivity from big data
#5. Some sectors are posed for greater gains
#5. Some sectors are posed for greater gains
#6. A Shortage of talent necessary
#7. Several issues to be addressed
#1. Data policiesPrivacy, security, intellectual property, and liability
#2. Technology and techniques challengesStorage, computing, and analytical software / new types of analyses
#3. Organizational change and talentLack of the understanding and talent to derive insights from big data
#4. Access to dataGaining access to third-party valuable data
#5. Industry structure
Big data : The next frontier for innovation, competition, and productivity
McKinsey Global Institute, 2011
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