Big Data is the latest buzzword attracting all kinds of attention. A Brand New Report by Mckinsey takes a detailed look at this new phenomenon. Mckinsey defines Big Data as datasets whose size is beyond the ability of typical database software tools to capture, store, manage and analyze.
This is a fascinating look at the data explosion enabled by user generated content, Smartphones, networked sensors, and other consumer devices. Mckinsey’s research presents strong evidence that data can create significant value. Their research suggests that we are on the cusp of a wave of innovation, productivity and growth. The use of big data is enabling leading companies to out-perform their peers. Mckinsey estimates that a Retailer embracing big data has the potential to increase its operating margin by more than 60%.
The report points to the need for ongoing innovation in technologies and techniques that will help individuals and organizations to integrate, analyze, visualize, and consume the growing torrent of big data. All of this points to a future driven by data – this is a great read.