Big Data Essay

60046 Words Oct 13th, 2012 241 Pages
McKinsey Global Institute

June 2011

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

The McKinsey Global Institute
The McKinsey Global Institute (MGI), established in 1990, is McKinsey & Company’s business and economics research arm. MGI’s mission is to help leaders in the commercial, public, and social sectors develop a deeper understanding of the evolution of the global economy and to provide a fact base that contributes to decision making on critical management and policy issues. MGI research combines two disciplines: economics and management. Economists often have limited access to the practical problems facing senior managers, while senior managers often lack the time and incentive to look beyond
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Copyright © McKinsey & Company 2011

McKinsey Global Institute

May 2011

Big data: The next frontier for innovation, competition, and productivity
James Manyika Michael Chui Brad Brown Jacques Bughin Richard Dobbs Charles Roxburgh Angela Hung Byers

Preface

The amount of data in our world has been exploding. Companies capture trillions of bytes of information about their customers, suppliers, and operations, and millions of networked sensors are being embedded in the physical world in devices such as mobile phones and automobiles, sensing, creating, and communicating data. Multimedia and individuals with smartphones and on social network sites will continue to fuel exponential growth. Big data—large pools of data that can be captured, communicated, aggregated, stored, and analyzed—is now part of every sector and function of the global economy. Like other essential factors of production such as hard assets and human capital, it is increasingly the case that much of modern economic activity, innovation, and

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