What do we know about the ‘big data’ revolution?
In its latest report on ‘Big Data’, McKinsey said that “the pace of change in Big Data is accelerating” and that the next two decades are going to be dominated by “digital transformation”.
The report, titled Big Data: A New Frontier, was released to coincide with the annual meeting of the Association for Computing Machinery (ACM), which will take place on March 25.
The report also said that while big data analytics will continue to evolve, it will also become increasingly important for businesses to focus on “big data-driven solutions”.
“Big data will drive the future of commerce, but it will not replace it,” McKinsey noted.
“Big Data will not solve every problem in business.
But it can be an important tool that can help us better manage data in our business.
McKinsey also points to the importance of using data to make decisions about how to move data to other businesses, as well as how to better align business processes to improve performance and productivity.”
Data is not an abstract concept; it can make a difference in how we conduct business, how we create new products, how people work, and how products are purchased,” it added.
It also noted that as the world’s population expands, the number of people accessing information through social media will continue “to grow exponentially”.”
As more people get connected, the need for more information becomes greater,” it said.
McKinsey said it believes that the “world is entering a time of unprecedented change”.”
Our predictions have been based on the expectation that data analytics would be the next big thing, and we’re not far off,” the report said.”
But it’s clear that we’re entering a world of change, where data is not the new magic bullet, and business needs to be more agile to be successful in this new era.
“The McKinsey report also highlighted that, in addition to the financial sector, other sectors, like healthcare and education, will also see an increase in use of data.”
As companies continue to focus more on analytics, they will need to find new ways to leverage new data and leverage existing business processes and processes to help customers get more value out of their data,” the company said.