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Big data : The next frontier for innovation, competition, and productivity

2012.04.26. UX Lab meeting표민기 pyo.mingi@gmail.com

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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