Posts tagged ‘McKinsey’
A few years ago, Terence and I were trying to get our arms around the world of big data and how to effectively communicate its size and challenges as we were talking to analysts, media, prospects, partners, and, of course, the venture community. Hopefully, most of our readers would acknowledge that we have a fine grasp of language (we like to engage in a Scrabble battle of wits upon occasion) but I must admit that we have been eclipsed by many in the race to illustrate just how “big” big really is. My favorite is this:
“We are engulfed by a supernova of data.”
Now, Webster’s defines supernova in two ways:
“1: the explosion of a star in which the star may reach a maximum intrinsic luminosity one billion times that of the sun or 2: one that explodes into prominence or popularity.”
Big Data is Coming of Age in the Capital Markets—Wall Street and Technology’s Deep Dive into “Everything You Need to Know to Unlock Big Data’s Secrets” is a Must Read for All
In the “it’s a small world” category while we were in the midst of launching FinancePBI, the first financial services big data solution built for the cloud and designed to address the needs of the industry, Terence chatted with Melanie Rodier (@mrodier), a Senior Editor at Wall Street and Technology. The topic: big data and the capital markets. That 33-page report is now available and it’s a must read for anyone interested in big data and business.
Why a must read for all? Well, similar to the McKinsey report on big data in 2011, Wall Street and Technology’s big data deep dive covers a lot of ground that applies to any business or organization. In other words, specific industry requirements may be different but big data technology and process challenges are very similar. For example, Wall Street firms—like so many others—find themselves dealing with unstructured data from a variety of sources, including the web, social media, and mobile devices. While there’s value in that data, there are infrastructure issues and a looming talent shortage. Sound familiar? (more…)
Greetings one and all and happy new year! As promised, part 2 of my post on McKinsey’s drill-down into the tremendous benefits location data offers to new businesses (and business models) as well as to all of us. If you need to refresh your memory (since the author was a wee bit late in meeting her stated publishing date), part 1 is available here. Certainly, the report, “Big data: The next frontier for innovation, competition, and productivity,” is chock full of illuminating ways that big data can be leveraged within specific industries, but personal location data is a somewhat different beast as it cuts across industries. For example, telecom, retail, and media (through location-based advertising) all stand to reap tremendous rewards.
Now, as I said in part 1 and will state again in part 2: I have a bit of angst around the collection and use of personal location data (see my many posts on privacy or our book on “Privacy and Big Data”). But that does not negate what can be gained if it is properly collected and used and with the appropriate regulations and guidance in place (my gosh—I am beginning to sound like one of the privacy policies I hate to read!). Put simply: all company’s data collection and usage policies should be clearly stated and always offered on an opt-in basis. Okay, privacy issues have been dealt with so let’s move on! (more…)
As I said in my recent post on the U.S. health care system, the U.S. cannot continue at its current spending rate. Certainly, the McKinsey Study (and many other publications) makes this very clear. Now, you and I may have very different opinions on how this can be fixed depending on our political leanings, etc., but ignoring this problem is not going to make it “go away.” Lucky for us, McKinsey takes a look at how big data and analytics can alleviate health care costs in some very promising areas. Whether you share my views on health care reform or not, it’s clear that we need to figure out how to align health care policy and regulations with economic incentives designed to move the industry towards a more collaborative, data sharing approach. To me, this is the “real” health care debate!
If you are a card carrying member of the big data community but don’t know much about the state of health care data, you may be surprised at just how antiquated data collection and usage is. If you have been steeped in the health care industry (and not just in the health care reform debate), this will be old news: health care data is not systematically collected, stored, and used. It is the only trillion dollar-plus industry in the U.S. without a modern information technology infrastructure. Look at is this way: while medical technology has advanced, much of the infrastructure that supports it is paper-based. For example, most of our medical records are stored in files (and I mean physical files) at various hospitals and doctors’ offices. Whenever you see a new doctor or go to a new clinic or hospital, chances are you fill out the same forms (again and again) documenting your medical history, risk factors, allergies, etc. (more…)
If you are an old movie buff (I confess!), you may remember this famous line in All About Eve, starring the incomparable Bette Davis: “Fasten your seat belts, it’s going to be a bumpy night!” And when it comes to any discussion about the current state of the U.S. health care system, it is safe to say that it will be a very rocky ride no matter what side of the political aisle you reside on. Before I begin with the “bad news,” in the spirit (yet again) of full disclosure, PatternBuilders is actively working on a health care analytics solution. In fact, we have been monitoring the health care industry for quite some time and while our health care system certainly has many challenges, the potential for good—as the McKinsey Study points out—is significant from a business and “greater good” standpoint, a win-win as far as we’re concerned. So, let’s get to it.
The McKinsey Study does an excellent job of “framing” the current challenges that the U.S. is facing regarding its health care system. Put simply, we (U.S. citizens) spend more on health care than any other nation in the world and twice as much as any developed country but the money we spend is wasted:
“Americans spend twice as much as residents of other developed countries on healthcare, but get lower quality, less efficiency and have the least equitable system…” (more…)
In the spirit of full disclosure, I decided to save my health care post (I may separate it into two parts) because if you are not familiar with the U.S. health care system—past, present, and possible futures—you need a bit of background to understand how broken it is as well as how it compares to other sectors in the “big data and analytics world.” What’s really interesting about the McKinsey Study is that it looks at several industries across the big data spectrum, from novice to advanced, and needless to say, health care is on the low end of this one! There are a lot of reasons for this—that’s why I’ve got two posts in the works—but it’s safe to say that it comes down to privacy (not necessarily a bad thing) and lack of competition. Look for my health care posts beginning next week and if you haven’t already, check out my first set of takeaways from the McKinsey study.
Now, on to some fun McKinsey stats to chew on. (more…)