Big Data Trends

Excellent article and research from McKinsey & Co. analyzing big data trends.

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

The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey's Business Technology Office. Leaders in every sector will have to grapple with the implications of big data, not just a few data-oriented managers. The increasing volume and detail of information captured by enterprises, the rise of multimedia, social media, and the Internet of Things will fuel exponential growth in data for the foreseeable future. 

In the research article, McKinsey presents 7 insights about data's impact on business and the world economy. Some highlights:

>> Data has swept into every industry and all business function and is now an important factor of production, alongside labor and capital.

>> The use of big data will become a key basis of competition and growth for individual firms.

>> The use of big data will underpin new waves of productivity growth and consumer surplus.

>> While the use of big data will matter across sectors, some sectors are set for greater gains.

>> There are five broad ways in which using big data can create value.

Read the entire report