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!