Give me a Buzz: mail2boopal@gmail.com
The use of Big Data is becoming a crucial way for leading companies to outperform their peers. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value. Indeed, we found early examples of such use of data in every sector we examined. In healthcare, data pioneers are analyzing the health outcomes of pharmaceuticals when they were widely prescribed, and discovering benefits and risks that were not evident during necessarily more limited clinical trials. Other early adopters of Big Data are using data from sensors embedded in products from children’s toys to industrial goods to determine how these products are actually used in the real world. Such knowledge then informs the creation of new service offerings and the design of future products
Big Data will help to create new growth opportunities and entirely new categories of companies, such as those that aggregate and analyse industry data. Many of these will be companies that sit in the middle of large information flows where data about products and services, buyers and suppliers, consumer preferences and intent can be captured and analysed. Forward-thinking leaders across sectors should begin aggressively to build their organisations’ Big Data capabilities.
In addition to the sheer scale of Big Data, the real-time and high-frequency nature of the data are also important. For example, ‘now-casting,’ the ability to estimate metrics such as consumer confidence, immediately, something which previously could only be done retrospectively, is becoming more extensively used, adding considerable power to prediction. Similarly, the high frequency of data allows users to test theories in near real-time and to a level never before possible.
0 comments: