Big Data Innovation Opportunity: McKinsey study

I am at Fujitsu Technology Forum at the Santa Clara Convention center.

One presentation that you can look at the PDF of is McKinsey's Michael Chui discussing Big Data as a new Frontier.

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

May. 2011 | by James Manyika, Michael Chui, Brad Brown, Jacques Bughin, Richard Dobbs, Charles Roxburgh, Angela Hung Byers
Contributing Practices: Business Technology

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











The bottom line value of interest I saw in the PDF is as  follows.

1. Creating transparency

2. Enabling experimentation to discover needs, expose variability, and improve performance

3. Segmenting populations to customize actions

4. Replacing/supporting human decision making with automated algorithms

5. Innovating new business models, products and services