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Exploding Data: The Potential of Big Data

EXPLODING DATA THE POTENTIAL OF BIG DATA O 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 handie. 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 ARE SHARED EVERYDAY OF DATA HAS BEEN COLLECTED BY THE US LIBRARY OF CONGRESS IN APRIL 2011 THE PROJECTED GROWTH IN THE PROJECTED GROWTH OF GLOBAL GENERATED PER YEAR ON FACEBOOK GLOBAL IT SPENDING PER YEAR DATA SECTORS 15 17 SECTORS IN THE UNITED STATE HAVE MORE DATA PER COMPANY THAN THE US LIBRARY OF CONGRESS AMOUNT OF STORED DATA BY SECTOR: (IN PETABYTES, 2009) 966 848 715 694 619 434 429 DISCRETE MANUFACTURING PROCESS MANUFACTURING GOVERNMENT COMMUNICATIONS 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 PETABYTES UNDER LO00 EMPLOYEES WILL HAVE 3.8 PETABYTES OF DATA STORED. I16 106 51 RESOURCE INDUSTRIES CONSUMER RECREATIONAL CONSTRUCTION WHAT IS THIS DATA WORTH? Simply knowing that all this data is out there is one thing. Ublizing 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. $300 AND BRING CURRENT HEALTH CARE EXPENDITURES BY THE US GOVERNMENT DOWN 8K 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 O- AREAS WHERE BIG DATA COULD BE UTILIZED R&D ACCOUNTING CLINICAL Transparency in PUBLIC HEALTH NEW BUSINESS MODEL Aggregation of patient records, online platforms and communities Research and Advanced fraud detection; performance based drug pricing Public health development; clinical trial design personalized medicine clinical data and clinical decision surveillance and response systems support SI08 SI65 $47 $5 BILLION BILLION BILLION BILLION BILLION GOVERNMENT RETAIL Governments in many parts of the world need to increase their productivity through đigital means. Examining the public sector of the European Union we can see where the utilization of big data can create value through efficiency. 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 60% THE POTENTIAL INCREASE IN RETAILERS OPERATING MARGINS FROM BIG DATA COULD 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 OPERATIONAL EFFICIENCY REDUCTION IN FRAUD INCREASE IN TAX AND ERROR The manufacturing sector has adopted data in the use of information technology and automation. Continued adoption of big data could lead to increased production and decreased costs. SAVINGS COLLECTION 50% BIG DATA HAS THE POTENTIAL TO CUT OPERATING COSTS BY NEARLY 50S ACROSS ALL SECTORS OF MANUFACTURING. 6200 C30 CIO BILLION BILLION BILLION PERSONAL LOCATION TECHNOLOGY 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 O- 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 $6O0 BILLION MARKETING Geo-targeted mobile advertising (advertising platform providers) SI00 BILLION PETABYTE SOCIAL People tracking, location sharing and OVERALL, PERSONAL DATA LOCATION TOTALS MORE THAN I PETABYTE 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 Local systems and inferior standards/formats prevents the integration of big data in many sectors, especially the public sector. Making use of large c compatible technology. These investment costs are sometimes fan too large. ge datasets requires both adequate storage and 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? 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 Big Datz The Next Frantier lar Innovation, Comperition and Productivity" uS Bureau ef Labor Statistics | Mckinsay Global Instituta Analysis satisfaction Created By COLUMN FIVE POTENTIAL WORTH OF DATA POTENTIAL WORTH OF DATA POTENTIAL WORTH OF DATA

Exploding Data: The Potential of Big Data

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What is big data and why is it important? This infographic provides all the information you need to know about big data. It explains the growth of data and the value of data.


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