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. The report Big data: The next frontier for innovation, competition, and productivity explores the state of digital data, how different domains can use large data sets to create value, and the implications for the leaders of private-sector companies and public-sector organizations, as well as for policy makers. The report’s analysis is supplemented by a detailed examination of five domains—health care, retailing, the public sector, manufacturing, and personal-location data. MGI’s analysis shows that companies and policy makers must tackle significant hurdles to fully capture big data’s potential. The United States alone faces a shortage of 140,000 to 190,000 people with analytical and managerial expertise and 1.5 million managers and analysts with the skills to understand and make decisions based on the study of big data (exhibit). Companies and policy makers must also tackle misaligned incentives around issues such as privacy and security, access to data, and technology deployment.

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. The report Big data: The next frontier for innovation, competition, and productivity explores the state of digital data, how different domains can use large data sets to create value, and the implications for the leaders of private-sector companies and public-sector organizations, as well as for policy makers. The report’s analysis is supplemented by a detailed examination of five domains—health care, retailing, the public sector, manufacturing, and personal-location data.

MGI’s analysis shows that companies and policy makers must tackle significant hurdles to fully capture big data’s potential. The United States alone faces a shortage of 140,000 to 190,000 people with analytical and managerial expertise and 1.5 million managers and analysts with the skills to understand and make decisions based on the study of big data (exhibit). Companies and policy makers must also tackle misaligned incentives around issues such as privacy and security, access to data, and technology deployment.

20 May 2011 4
data analysisfuture of workmckinsey

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  1. stoweboyd posted this

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Socialogy

  • John Hagel | John offers up some great insights, like the fact that passion is lower the larger that businesses get.

  • Euan Semple | A chat with my old pal, and the author of Organizations Don't Tweet, People Do

  • Will McInnes | The author of Culture Shock and managing director of Nixon/McInnes

  • Jennifer Magnolfi | An interview with the woman who said, 'Work is not a place you go, it's a thing you do'.

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  • What Drives Us? | A draft chapter of my book, discussing motivations, Maslow's hierarchy, and fluidarity.

  • Socialogy: Interview With John Hagel | I Speak with Joh Hagel about the innovation at the edge.

  • Complex organisation arises from webs of interaction among causal factors | So, it turns out that DNA is, in fact, a great metaphor for business culture, but only after you realize that DNA is not a few hundred off-on switches, but instead a universe of unknowable complexities, that we can interact with, and understand at some abstract cartoonish level, but not control, and never fully comprehend.

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  • Innovators Get Better With Age | Companies make a mistake by relying too much on the innoations of the young, because Nobel laureats don't come into their prime until their 50s.

    • Oldie

  • Infodemics | 2009 | Passing incomplete or inaccurate information about some risk event can make people take actions that increase the damage of the event itself.

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