McKinsey Global Institute published a report on Big Data.
MGI studied big data in five domains—healthcare in the United States, the public sector in Europe, retail in the United States, and manufacturing and personal-location data globally. Big data can generate value in each.
The research offers seven key insights:
1. Data have swept into every industry and business function and are now an important factor of production, alongside labor and capital.
2. There are five broad ways in which using big data can create value.
3. The use of big data will become a key basis of competition and growth for individual firms.
4. The use of big data will underpin new waves of productivity growth and consumer surplus.
5. While the use of big data will matter across sectors, some sectors are set for greater gains.
6. There will be a shortage of talent necessary for organizations to take advantage of big data.
7. Several issues will have to be addressed to capture the full potential of big data. Policies related to privacy, security, intellectual property, and even liability will need to be addressed in a big data world.
