1. Make information transparent and usable at much higher frequency and to a much deeper level of detail
All companies in all industries health blog, regardless of size, need to take big data seriously. Start with your data wish list—information you would like to have—and then figure out what you need to generate, capture, meter, and measure to get the data. Finally, do your analytics and be prepared to act on what you learn. The hardest part may be changing the way you think.
The McKinsey researchers go on to identify five broad ways in which using big data can create value:
5. Leverage big data to drive the development of the next generation of products and services, particularly through analysis to social media content
2. Collect more accurate and detailed performance information on everything from product inventories to sick days, thereby exposing variability and boosting performance
The point usually overlooked is that the data, when used right health blog wholesale sun glasses, has great business value. “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,” declares McKinsey in a recent research report. Click here for a copy.
When an expert tells you that the amount of data is exploding it usually leads to a pitch to buy more storage capacity or tools to better manage the storage you have. While that’s probably not bad advice, it misses the most important point.
Technology vendors are scrambling to deliver big data now. In September EMC announced a major big data initiative here. Oracle addressed big data early in October at its Openworld conference here.
3. Pursue ever-narrower segmentation of customers to more precisely tailor products or services for purposes of increases spend and optimizing pricing
IBM, which is in the business of selling technology to generate, capture, store, analyze, and apply data wholesale sun glasses, has been pushing the idea of the business value of data for years. Next week it is holding its annual Information on Demand conference in Las Vegas. There it will showcase its thought leadership and technologies for dealing with big data.
Big data refers to the large amounts of unstructured data that is captured through RFID, myriad sensors and meters, from social media, and even digital video cameras. Analyzing this data can produce valuable insights that can be applied in variety of ways to achieve competitive advantage.
4. Tap sophisticated analytics, including real-time analytics, to substantially improve and speed decision making
For example, one retailer took in-store and parking lot security surveillance video and applied a different analytics and used the insights gained to change store layout to facilitate traffic flow and optimize staffing at cash registers. According to the McKinsey study wholesale sun glasses, companies that tap the presence sensing and location data from mobile devices could capture $600 billion in surplus consumer spend. If applied to healthcare, big data could produce more than $300 billion in value every year, the researchers estimate. Two-thirds of that could go to reducing US health care expenditure by about eight percent.
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