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Category > Biology Posted 18 Jul 2017 My Price 10.00

1 page article review

1page single space article review and self reflection

 

 
 

 

 

 

 

 

 

 

 

 

 

 
There’s greater potential in big data. What’s ahead as
the field matures?
Since the concept took hold, big data has made big waves.
The field of analytics has
developed rapidly since the McKinsey Global Institute (MGI) released its landmark 2011 report,
Big data: The next frontier for innovation, competition, and productivity
. But much value
remains on the table as organizations wrestle with issues of strategy and implementation.
In this episode of the
McKinsey Podcast
, MGI partner Michael Chui and McKinsey senior
partner Nicolaus Henke speak with McKinsey Publishing’s Simon London about the changing
landscape for data and analytics, opportunities in industries from retail to healthcare, and
implications for workers.
Podcast transcript
Simon London:
Welcome to this edition of the
McKinsey Podcast
. I’m Simon London, an
editor with McKinsey Publishing. Today we’re going to be talking about data analytics and
how organizations can use the unprecedented volume of data at their disposal to transform
industries, create new business models, and, frankly, make better decisions across everything
they do. Joining me here in London to discuss the issues is Nicolaus Henke, the global leader
of McKinsey Analytics and chairman of QuantumBlack, an acquisition McKinsey made in 2015.
And joining us from San Francisco is Michael Chui, a partner with the McKinsey Global Institute.
Nico and Michael are among the coauthors of
The age of analytics: Competing in a data-driven
world
, which is a new McKinsey Global Institute research report. If we pique your interest with
this podcast, you can download the full report from McKinsey.com. Nico and Michael, thanks
for joining me today.
Nicolaus Henke:
Thank you very much. Delighted to be here.
Michael Chui:
Thanks. It’s a pleasure.
How to win in the age of analytics
January 2017
Simon London:
Before we get into detail on the latest research, I think it might be helpful
to take a step back and clarify what we mean in terms of the age of analytics. Cynics would
say, “Come on. Companies have been collecting and analyzing data forever, pretty much.” So
what’s really new here? What’s driving the data-analytics revolution?
Nicolaus Henke:
Thanks, Simon. It’s a great question. We think there are three things that
have really changed. The first thing that has changed—simply, there’s loads more data. Believe
it or not, about 90 percent of the world’s data existing today didn’t exist two years ago. Ninety
percent. The second one is we simply have computing power, with the cloud and connectivity,
that is much, much lower cost than it was ever before. So we can compute more.
The third is that by leveraging machine-learning techniques, we can analyze much more. To
give you an example, in the past it took a statistician to come up with a potential hypothesis
for regression, and it took a day or two. You could make, maybe, three a day. With these new
techniques, you can add all these things together. We can, in our normal work, do hundreds of
millions of calculations a day, which obviously increases the granularity of our work.
Michael Chui:
If I could just build on that idea, while all those trends have come together, one
of the things that’s happened between the time we published our big data report in 2011 and
now is the degree to which CxOs and senior leaders have started to understand that this is
changing the basis of competition in individual sectors.
While we’ve discovered there’s a lot more work to be done, we’ve seen an awareness, at
the executive level, of the importance of using data and analytics in order to compete and,
increasingly, to make decisions in very different ways. For example, people are conducting
experiments rather than just basing judgments on the experience they’ve had in business.
Simon London:
Michael, as you mentioned, in 2011 we published a big piece of research
flagging the transformative potential, I think it’s fair to say, of this new wave of data and analytics.
Five years on, how much of the potential you identified back then has been realized? What
does the report card look like?
Michael Chui:
To be honest, the progress has been mixed. We have seen some industries
and some domains—such as location-based services and, to a lesser extent, retail—that
really have moved the needle. One of our observations is that those are places where we’ve
seen digitally native companies create competition. And that really forced the industry forward.
However, there are a number of other industries—whether it’s the public sector, healthcare, or
even manufacturing—where some progress has been made. But, honestly, with regard to the
total amount of value that could potentially be captured, there’s a lot more work to be done.
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Status NEW Posted 18 Jul 2017 10:07 AM My Price 10.00

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