Skip to comments.Big data: The next frontier for competition
Posted on 09/06/2013 12:56:43 PM PDT by Ernest_at_the_Beach
Analyzing large data setsso called big datawill become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus as long as the right policies and enablers are in place. Research by MGI and McKinsey's Business Technology Office examines the state of digital data and documents the significant value that can potentially be unlocked. However, companies and policy makers must tackle significant hurdles to fully capture big data's potential - including a shortage of skilled analysts and managers.
(Excerpt) Read more at mckinsey.com ...
Large shortage of people....in the US.
This is business intelligence (BI) which has been around for a while now and big data is what has also been around for a while; data warehouses and data marts which are composited, scrubbed and specialized collections of operational data snapshots, outside data and other pertinent data from other sources with which you use various analysis tools and methods to study trends and make predictions, do what-ifs. Not so new, just a new buzzword for the corporate weasels and HR people to drool over.
Our brave new world .. bean counters replaced with dot shufflers
Your write up is correct, currently it is a predicative model but what if you could make it a real time component as well and be able to tune operational elements as well as others to hit a desired target rather than try to figure out after a “miss” what happened.
I only ask as I agree with what you have said but am working on taking this info in another direction as we speak
I have a resume. How much are they payin?
Big Data is Big Business.
You are right BI has been around for some time. There are two trends that I see developing very quickly. Corporations willingness to share their consumer data with others and a connectedness that will be unprecedented.
The connectedness is starting with home security companies connecting functionality with Smart Phones via the internet and the next wave will be “connected” appliances etc...
Keep in mind, everything anybody does is data and that data has value only if you get a large enough sample to analyze.
Progressive Insurance will give you a device that plugs into your car to determine if you are a “good driver”. Which just gave me an idea. Create an insurance company that gives out these devices and provides coverage only if that vehicle is on the road. If you are speeding, your rates go up and when you are parked you pay nothing.
Interestingly enough, Larry Ellison from Oracle called “the Cloud” a marketing gimmick initially, now he has fully embraced the concept.
I hate databases,,, like people, easily manipulated.. And accessed. Especially in DC. :-)
but what if you could make it a real time component
See my last post.
You are right.
Very much like how Hedge Funds analyze market data in real time.
While I already know who is grocery shopping on a Friday afternoon,currently the retailer does not have a “Dynamic” pricing model to move certain items that is in sync with their suppliers.
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