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Big data: The next frontier for innovation, competition, and productivity

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. 5. 6. 7.

http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation

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Architecting Digital Business When the Mayo Clinic decided to share its healthcare data to allow other healthcare providers to access its wealth of diagnostic experience, the company seized an opportunity to exploit the connections of digital business. In this broader ecosystem of customers, partners, competitors and stakeholders, organizations must learn to engage in new ways, often relinquishing control of their assets to create new forms of value. “It’s not built on a highly controlled environment, but one where things are free to emerge,” said Chris Howard, vice president and distinguished analyst at Gartner, during Gartner Symposium/ITxpo in Barcelona. “It’s all about chance, and finding the chance, within those opportunities that create new kinds of value, also known as business moments.” The advent of digital business changes the scope and speed of business and introduces new opportunities and threats for enterprise architects. Build for business moments

McKinsey Study: Big Data & Analytics, Talent, and the “Brand” May 20, 2011 at 12:26 pm Mary Ludloff By Mary Ludloff This has been a very busy month for PatternBuilders! home: Strata New York 2011 - O'Reilly Conferences, September 22 - 23, 2011, New York, NY Find out more about Strata 2012, happening February 28 - March 1 in Santa Clara, California. If you weren't able to attend, you can still get a taste of Strata New York with the Strata Conference New York 2011: Complete Video Compilation . At our first Strata Conference in February, forward-thinking developers, analysts, researchers, and entrepreneurs realized that they were converging on a new profession—data scientist. Since then, demand has skyrocketed for data scientists who are proficient in the fast-moving constellation of technologies for gleaning insight and utility from big data. "A significant constraint on realizing value from big data will be a shortage of talent, particularly of people with deep expertise in statistic and machine learning, and the manager and analysts who know how to operate companies by using insights from big data." —McKinsey Global Institute report, "Big Data: The next frontier for innovation, competition, and productivity," May, 2011

Real-Time Data: You're Doing It Wrong When it comes to predicting the future, Chartbeat's CEO Tony Haile thinks you're awful. At the Mashable Media Summit, Haile spoke about the importance of real-time data and what your business should be doing with that information. "The more we think we know, the more expert we believe ourselves to be," says Haile, "and the more likely we are to trust our judgment when we shouldn't and get things wrong." SEE ALSO: The Return of Real-Time Social Environments Haile talks about replacing complex future predictions with simpler ones for right now, and looking at data as an environment instead of a generated report.

5 Tech Trends to Watch in 2012 2012 promises to be a very busy year in all things digital, but, as with any annum, there will be just a handful of big, memorable trends. Here, I’ve collected five such movements that are likely to make a big impact in our technologically-enhanced lives. Augmented Reality It’s now in games, location apps, business cards and coffee shops and could start showing up in cars and even eyeglasses. Augmented Reality, which puts a virtual view on top of your real world, is really just a cool way of saying, “Reality with Style.” Instead of simply viewing your apartment through your phone, you’re playing Star Wars Arcade Falcon Gunner on top of it.

9 Essential Skills for Your First Data Analyst Job Data. Every time you make a purchase online or share a photo with friends, you are contributing to the pile of data being amassed every single second from every corner of the earth. We’re producing tons of data, yet the demand for qualified data analysts is outpacing the amount of data being created every day.

Organizing for an emerging world As global organizations expand, they get more complicated and difficult to manage. For evidence, look no further than the interviews and surveys we recently conducted with 300 executives at 17 major global companies. Fewer than half of the respondents believed that their organizations’ structure created clear accountabilities, and many suggested that globalization brings, as one put it, “cumulative degrees of complexity.” However, our research and experience in the field suggest that even complex organizations can be improved to give employees around the world the mix of control, support, and autonomy they need to do their jobs well. What’s more, redesigning an organization to suit its changing scale and scope can do much to address the challenges of managing strategy, costs, people, and risk on a global basis. Rethinking boundaries

Big Data, Big Noise, Big Trouble? I have been hearing the term “big data” a lot lately (should it be capitalized?) and may even have talked about it inadvertently in my latest blog (“What Lurks in your Unstructured Data?”). But, I am not sure what it is. Can one byte be bigger than another? Dynamite plots: unmitigated evil? - Ecological Models and Data There seems to be a general opinion among statistical graphics nerds (examples here, here, and here) that the traditional way of plotting grouped continuous data (e.g. growth rates across fertilizer treatments) as a bar plot with a unidirectional "whisker" denoting the upper 95% confidence interval is bad. People who don't like them call them "dynamite plots". (Googling for 'dynamite plot' brings up web pages about statistical graphics, the Napoleon Dynamite movie, and terrorism [Basque and 19th-century].) I will review the criticisms of dynamite plots, which I generally agree with, but then want to put forward a couple of their advantages, and suggest that the generally favored Tukey box-and-whisker plot is not a universal solution to graphical problems.

Why Windows 8 Tablets Will Surprise Everyone At Microsoft's Build conference, Michael Angiulo, corporate vice president of Windows Planning, Hardware and PC Ecosystem, displays a prototype Windows 8 tablet. Photo: Microsoft Windows-based tablets haven’t been treated kindly by the test of time. Those released in the Windows XP era relied on wonky, stylus-based data entry, and even modern, touch-based tablets running Windows 7 are poor performers.

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