Big data: The next frontier for innovation, competition, and productivity. 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. 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. For example, a retailer using big data to the full could increase its operating margin by more than 60 percent. 1. 2. Podcast 3. 4. Every Day We Create 2.5 Quintillion Bytes of Data. This is a Press Release edited by StorageNewsletter.com on Fri, October 21st, 2011 A new IBM Corp. 's study of more than 1,700 chief marketing officers from 64 countries and 19 industries reveals that the majority of the world's top marketing executives recognize a critical and permanent shift occurring in the way they engage with their customers, but question whether their marketing organizations are prepared to manage the change.
At the same time, the research shows that the measures used to evaluate marketing are changing. Nearly two-thirds of CMOs think return on marketing investment will be the primary measure of the marketing function's effectiveness by 2015. But even among the most successful enterprises, half of all CMOs feel insufficiently prepared to provide hard numbers. Customers are sharing their experiences widely online, giving them more control and influence over brands. Social platforms Social media enables anyone to become a publisher, broadcaster and critic. 2011-11-16 IBM Study Reveals Challenges Midmarket CMOs Face to Sustain Brand Loyalty with Today's Social Consumer. ARMONK, N.Y. - 16 Nov 2011: A new global IBM (NYSE: IBM) study of Midmarket Chief Marketing Officers (CMOs) revealed that building and sustaining brand loyalty is the top concern for today's midmarket CMOs, yet 72 percent do not feel sufficiently prepared to effectively build this loyalty.
Additionally, 70 percent of midmarket CMOs are concerned about data explosion, as they are tasked with making sense of highly complex information generated constantly from a variety of sources such as consumer blogs, tweets, mobile texts and videos. The proliferation of social media and mobile devices is creating a new breed of consumers who are digitally savvy and able to quickly compare and evaluate which products and services they want to buy. Everyday consumers are creating 2.5 quintillion bytes of data with 90 percent of the world’s data created in the last two years alone. Savvy marketers are gaining insight from social media and incorporating it into their strategies.