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Big data: The next frontier for innovation, competition, and productivity | McKinsey & ... - 0 views

www.mckinsey.com/...e_next_frontier_for_innovation bigdata mckinsey analytics
shared by cezarovidiu on 23 Sep 14 - No Cached
  • 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.
  • For example, a retailer using big data to the full could increase its operating margin by more than 60 percent.
  • important factor of production, alongside labor and capital.
  • ...9 more annotations...
  • five broad ways in which using big data can create value
  • Leading companies are using data collection and analysis to conduct controlled experiments to make better management decisions
  • others are using data for basic low-frequency forecasting to high-frequency nowcasting to adjust their business levers just in time.
  • big data allows ever-narrower segmentation of customers and therefore much more precisely tailored products or services.
  • Fourth, sophisticated analytics can substantially improve decision-making
  • big data can be used to improve the development of the next generation of products and services.
  • The use of big data will become a key basis of competition and growth for individual firms.
  • For example, we estimate that a retailer using big data to the full has the potential to increase its operating margin by more than 60 percent.
  • The computer and electronic products and information sectors, as well as finance and insurance, and government are poised to gain substantially from the use of big data.
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