The New Frontier: Big Data
The vast potentials of Big Data are not simple to grasp. The notion that we could somehow harness infinite amounts of information in order to apply it systematically to our everyday routines seems unbelievable. Yet, that is exactly what Big Data and the practise of telemetry intend to do, 'unlocking significant value by making information transparent and usable at a much higher frequency' (McKinsey Global Institute, 2009).
One of the most notable consequences of these developments is the mass impact it will have on industries around the world. More and more companies already, are formulating their big data strategies, or presenting their first big data success cases. Ultimately, the analysis of large data sets is set to become a skill leaders in every sector in every industry will need to master if they intend to stay ahead of the game; becom[ing] a key basis of competition and growth for individual firms (McKinsey Global Institute, 2009).
Exactly how this information will be applied to increase profits will vary, however a report released by McKinsey Global Institute stipulated that any given retailer using big data to its full potential could increase its operating margin by more than 60 percent, whilst the use of big data by the US health sector could create more than $300 billion in value every year (two thirds of that being in the form of reducing US healthcare expenditure by eight percent). You can read the full McKinsey report here.
These kind of propositions are mind blowing, and upon first hearing beg the question that if the changes proposed, which would use big data to revolutionise industries from retail to healthcare, were going to be easy to execute then they would have been implemented already.
It's also surprising that the general public hear and know so little about these potential developments. It seems, given the relatively small amount of big data that has so far reached the public domain, that perhaps bigger corporations and commercial organisations might prefer to keep it this way. This surely can’t work to the advantage of the potential of big data, as several articles and reports (including the McKinsey report) suggest that in the near future (2018), there will be a significant shortage of people with the analytical know-how and specific skill-set to effectively analyse big data. The number of experts in this particular field is already relatively small considering the demand for it. The report “Big Data Analytics: Adoption and employment trends” found that over 70 percent of organisations find it challenging to hire the specialists they require to handle big data.
Interestingly, but not surprisingly, given it’s innovative nature, social media appears to be leading the charge when it comes to using big data in order to increase their own levels of success. In 2013, Twitter helped secure its future in big data buy purchasing Bluefin Labs - a leading social TV analytics company. You can see their announcement for it here.
The question is, how and when will other industries begin following suit?
Could we ever really have global access to all information? I look forward to finding out.
Bibliography
Borne, Dr. K. "Big Data, Small World". TED Talks, June 2013. School of Physics, Astronomy and Computational Sciences, George Mason University. (https://www.youtube.com/watch?v=Zr02fMBfuRA)












