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Exploding Data — The Potential Of Big Data

EXPLODING DATA THE POTENTIAL OF BIG DATA The amount of digital data in our world has been exponentially growing in just a few short years. Big data has the potential to become the next frontier for innovation, competition and profit. WHAT IS BIG DATA? "Big data" refers to sets of data whose size surpasses that of what data storage tools can typically handle. It's something that grows concurrently with the development of technology and something that helps continued innovation. A GROWING TORRENT Just how big is big data? Huge; and with the potential to expand even more in the future. 4 BILLION 235 TERABYTES 40% 5% PIECES OF CONTENT OF DATA HAS BEEN COLLECTED BY THE US LIBRARY OF CONGRESS IN APRIL 2011 ARE SHARED EVERYDAY THE PROJECTED GROWTH OF THE PROJECTED GROWTH IN ON FACEBOOK GLOBAL GENERATED PER YEAR GLOBAL IT SPENDING PER YEAR DATA SECTORS OUT SECTORS IN THE UNITED STATE HAVE MORE DATA PER COMPANY THAN THE US LIBRARY OF CONGRESS O AMOUNT OF STORED DATA BY SECTOR: (IN PETRABYTES, 2009) 966 848 715 694 619 434 429 DISCRETE MANUFACTURING GOVERNMENT COMMUNICATIONS PROCESS MANUFACTURING BANK HEALTH CARE SECURITIES & INVESTMENTS 411 364 269 243 227 202 194 PROFESSIONAL SERVICES RETAIL EDUCATION INSURANCE TRANSPORTATION WHOLESALE UTILITIES 3.8 ON AVERAGE, A SECURITIES AND INVESTMENT FIRM WITH 106 PETRABYTES UNDER 1,000 EMPLOYEES WILL 51 HAVE 3.8 PETRABYTES OF DATA STORED. RESOURCE INDUSTRIES CONSUMER RECREATIONAL CONSTRUCTION WHAT IS THIS DATA WORTH? Simply knowing that all this data is out there is one thing. Utilizing this data to turn a profit is another issue. Using big data has the potential to increase profitability across all sectors. However there are five sectors that stand to benefit the most. HEALTH Healthcare has lagged behind many other industries when it comes to improving operational performance and adopting technology-enabled process improvements. AND BRING CURRENT HEALTH CARE $300 EXPENDITURES BY THE US GOVERNMENT DOWN 8% BILLION 17% 9% IN TEN YEARS, THE IMPLEMENTATION OF BIG DATA IN THE HEALTH INDUSTRY COULD CAPTURE $300 BILLION ANNUALLY 2010 2020 HEALTHCARE EXPENDITURES AS A PERCENTAGE OF THE GDP AREAS WHERE BIG DATA COULD BE UTILIZED R&D CLINICAL ACCOUNTING PUBLIC HEALTH NEW BUSINESS MODEL Aggregation of patient records, online platforms and communities Research and Transparency in clinical data and clinical decision Advanced fraud Public health development; clinical trial design; personalized medicine detection; performance based drug pricing surveillance and response systems support $108 S165 $47 $9 $5 BILLION BILLION BILLION BILLION BILLION GOVERNMENT RETAIL Governments productivity through digital means. Examining the public sector of the European Union we can see where the utilization of big data can create value through efficiency. many parts of the world need to increase their The use of technology and digital data in the retail industry has allowed for a boost in profitability and productivity over the decade. The continued adoption of big data has the potential for further profitability. €300 THE POTENTIAL INCREASE IN RETAILERS 60% OPERATING MARGINS FROM BIG DATA COULO BE 60% BILLION UTILIZING BIG DATA, EUROPE'S PUBLIC SECTOR COULD REDUCE COSTS BY 20% OR 300 BILLION EUROS. MANUFACTURING AREAS WHERE BIG DATA COULD BE UTILIZED The manufacturing sector has adopted data in the use of information technology and automation. Continued adoption of big data could lead to increased production OPERATIONAL EFFICIENCY REDUCTION IN FRAUD INCREASE IN TAX AND ERROR COLLECTION SAVINGS and decreased costs. BIG DATA HAS THE POTENTIAL TO CUT 50% OPERATING COSTS BY NEARLY 50% ACROSS ALL SECTORS OF MANUFACTURING. €200 C30 CIIO BILLION BILLION BILLION PERSONAL LOCATION TECHNOLOGY ...... O Personal location data volumes has increased rapidly with the adoption of mobile phones. The potential for this data is far greater than any other because it is not confined to a single sector but cuts across all industries. AREAS WHERE BIG DATA COULD BE UTILIZED $600 GPS BILLION Navigation including smart routing based on real-time traffic $500 BILLION THE POTENTIAL ANNUAL CONSUMER SURPLUS FROM GLOBAL PERSONAL LOCATION DATA IS $600 BILLION MARKETING Geo-targeted mobile advertising (advertising platform providers) $100 BILLION PETRABYTE SOCIAL People tracking, location sharing and $57 OVERALL, PERSONAL DATA LOCATION TOTALS MORE THAN I PETRABYTE OF DATA ANNUALLY entertainment BILLION CAN WE CAPTURE THE FULL POTENTIAL OF BIG DATA? There are several issues that must be dealt with before all indus- try sectors can access the full potential of this big data. DATA POLICIES TECHNOLOGY Big data raises several legal issues due to the fact that data is fundamentally different from other assets. Since data can be so easily copied intellectual property becomes an urgent consideration to policy makers. Also there is an issue of culpability. Who is liable for an inaccurate piece of data when it leads to negative consequences? Local systems and inferior standards/formats prevents the integration of big data in many sectors, especially the public sector. Making use of large datasets requires both adequate storage and compatible technology. These investment costs are sometimes far too large. DATA ACCESS TALENT In many instances there is a lack of skilled personnel needed to mine big data, create the necessary structures and make use of big data through informed decisions. In order to create the most broad data available companies will need to increasingly rely on third-party data sources and integrate external information with their own. Currently, there are not completely efficient markets that allow for this transfer and sharing of data. Sources: satisfaction www.getsatisfaction.com Created By "Big Data: The Next Frontier for Innovation, Competition and Productivity." US Bureau of Labor Statistics | McKinsey Global Institute Analysis COLUMN FIVE POTENTIAL WORTH OF DATA POTENTIAL WORTH OF DATA POTENTIAL WORTH OF DATA

Exploding Data — The Potential Of Big Data

shared by ColumnFive on Jul 20
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The amount of digital data in our world has been exponentially growing in just a few short years. Big data has the potential to become the next frontier for innovation, competition and profit.

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