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

McKinsey Global Institute, May 2011


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Resource information:
Resource IDmckinsey2011
Resource titleBig data: The next frontier for innovation, competition, and productivity
Author(s)James Manyika, Michael Chui, Brad Brown, Jacques Bughin, Richard Dobbs, Charles Roxburgh, Angela Hung Byers
Publication/ sourceMcKinsey Global Institute
Date publishedMay 2011
Summary text/ abstractData have become a torrent flowing into every area of the global economy. Companies churn out a burgeoning volume of transactional data, capturing trillions of bytes of information about their customers, suppliers, and operations. millions of networked sensors are being embedded in the physical world in devices such as mobile phones, smart energy meters, automobiles, and industrial machines that sense, create, and communicate data in the age of the Internet of Things. Indeed, as companies and organizations go about their business and interact with individuals, they are generating a tremendous amount of digital "exhaust data," i.e., data that are created as a by-product of other activities. Social media sites, smartphones, and other consumer devices including PCs and laptops have allowed billions of individuals around the world to contribute to the amount of big data available. And the growing volume of multimedia content has played a major role in the exponential growth in the amount of big data (see Box 1, "What do we mean by 'big data'?"). Each second of high-definition video, for example, generates more than 2,000 times as many bytes as required to store a single page of text. In a digitized world, consumers going about their day – communicating, browsing, buying, sharing, searching – create their own enormous trails of data.
Library categoriesAnarchism & Action, Economics, Hacktivism, Neo-Luddism, Technology
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