Tuesday, January 31, 2012

McKinsey weighs in on Big Data

The Q4, 2011 issue of McKinsey Quarterly focused exclusively on big data and its implications for various industries moving forward (Free registration required). Makes for a very interesting read!

Some key takeaways:

-- Industries with the most potential for reaping benefits from big data include Finance, Insurance, Transportation and Warehousing, and Health Care.

-- Big data is spawning new business models - in some cases companies that genuinely embrace big data are turning into big data consultants for other firms

-- The majority of the economic surplus from big data is being garnered by consumers - in the form of reduced prices, better information etc

-- Big Data is putting up big numbers: A beverage manufacturer improved forecasting accuracy by 5%; retailers reducing the number of items it stocks by 17% and so on.

-- And perhaps most importantly for this economy, Big Data Analytics is expected to generate 140K-190K additional specialist jobs, as well as create the need for an additional 1.5 million managers!

Way to go!

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