Unlocking the value in big data
- 14 March, 2012 01:05
- Comments
One reason for this is the sheer volume of data being maintained by large enterprises. Last year, McKinsey & Co. concluded that it was not unusual for large U.S. corporations to have more data stored than the U.S. Library of Congress. How much data is that? Well, according to the library, its collection fills more than 800 miles of bookshelves.
And that data must be accessible if the companies acquiring it are to get real value from it. McKinsey last year also had something to say about just how much value big data could represent :
"... a retailer using big data to the full could increase its operating margin by more than 60%. Harnessing big data in the public sector has enormous potential, too. If US healthcare were to use big data creatively and effectively to drive efficiency and quality, the sector could create more than $300 billion in value every year. Two-thirds of that would be in the form of reducing US healthcare expenditure by about 8%. In the developed economies of Europe, government administrators could save more than 100 billion ($149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues."
To continue reading, register here to become an Insider. You'll get free access to premium content from CIO, Computerworld, CSO, InfoWorld, and Network World. See more Insider content or sign in.
Recommended
Join the Computerworld Australia group on Linkedin. The group is open to IT Directors, IT Managers, Infrastructure Managers, Network Managers, Security Managers, Communications Managers.
- Bookmark this page
- Share this article
- Got more on this story? Email Computerworld
- Follow Computerworld on twitter
- St. Vincent’s Hospital - Finding Visibility, Flexibility and Control with MaaS360
- Detecting APT Activity with Network Traffic Analysis
- CSO Spotlight: Security-as-a-Service Gaining Popularity
- Vodafone Ireland Implements World-Class Service Excellence with HP BSM
- Clearing the Clouds for Midmarket Businesses
-
Google adds more retailers for Chromebook
-
Mobile app data protection not our responsibility, say Australians
-
Opposition calls for inquiry on 457 visas
-
Mobile app data protection not our responsibility, say Australians
-
A year on, Assange still a divisive issue
