Summary of “New Ways to Exploit Raw Data May Bring Surge of Innovation, a Study Says”

Steve Lohr, New York Times, May 13th, 2011 Presented by: Zhe Jiang [7]: McKinsey Global Institute, Big Data: The Next Frontier for Innovation, Competition and Productivity. May 2011

What is Big Data?

[6] • • • Size beyond the ability of commonly used software tools • • • Data growing challenges

volume

increasing

velocity

(speed of i/o)

variety

(data type/source) Examples: computer tracking of shipments, sales, suppliers, customers, email, web traffic, social network From McKinsey Report

• • •

Summary

“Data is a vital raw material of the information economy, much as coal and iron ore were in the Industrial Revolution.” “Mining and analyzing these big new data sets can open the door to a new wave of innovation, accelerating productivity and economic growth.” “Exploit Internet-scale data sets to discover new businesses and predict consumer behavior and market shifts.” e.g. Google, Foursquare, etc.

location data sales business data social network data

Claims

• • • • Value to the health care system in the united states could be $300 billion a year Need 140,000 to 190,000 more people with “deep analytical” skills Use of personal location data could save consumers worldwide more than $600 billion annually by 2020 In health care, the biggest slice of the $300 billion gain is expected to come from more effectively using data to inform treatment decisions

Why Interesting?

• Due to large data volume, the storage, management and analysis of the big data are challenging.

• There is need for scalable computing and analyzing techniques.

Relationship With Course

• Relevant to chapters of Data Mining and Data Warehousing.

• New application or societal impact of database techniques we learn.

Reference

[1] Steve Lohr, New York Times, May 2011, http://www.nytimes.com/2011/05/13/technology/13data.html?_r=2&scp=1&sq =raw%20data&st=cse [2]Picture3 is from http://socializemybusiness.com/services.php

[3]Picture 2 is from http://www.urbandigs.com/2007/09/jumbo_rates_still_surging_arms.html

[4]Picture 1 is from http://newsofthemedia.com/2011/06/location-based services-worth-10-billion-2016/ [5]The copyright of logo of “New York Times” on the slide belongs to New York Times.

[6]Wikepeda, Big Data, http://en.wikipedia.org/wiki/Big_data [7] McKinsey Global Institute, Big Data: The Next Frontier for Innovation, Competition and Productivity. May 2011