Newimage14As most of us know, there is a tremendous growth in global data. There are trillions of transactions occurring daily, ranging from operations to sales to marketing to buying. Every human activity is support by over 100 business processes, all contributing to this exponential data growth.

McKinsey Global Institute report “Big Data: The next frontier for innovation, competition, and productivity” discusses this new (?) or at least emergent world. As part of their business case, they cite some very interesting statistics. Here are just a few:

– $600 to buy a disk that can store all the world’s music

– 5 billion mobile phones in use in 2010

– 30 billion pieces of content shared on FaceBook every month

– 40% projected growth in global data generated per year verses 5% growth in global IT spending

– 235 terabytes of data collected by the US Library of Congress by April 2011

– 15 out of 17 sectors in the United States have more data stored per company than the US Library of Congress

– $300 billion potential annual value to US heath care – more than double the total annual health care spending in Spain

– $600 billion potential annual consumer surplus from using personal location data globally

– 60% potential increase in retails’ operating margins possible with big data

– 140,000 to 190,000 more deep analytical talent positions

– 1.5 million more data savvy managers needed to take full advantage of big data in the United States

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