Innovative Big Data Solutions for the Enterprise Will Increase the Productivity Gains Already Attributed to Data
Politics, sports, advertising, and medicine--all of these fields are being transformed not by the invisible hand, but rather the invisible mouse of big data. The New York Times discusses this paradigm shift in the article, "The Age of Big Data."
With such a transformation, there is a great need for workers with what the McKinsey Global Institute calls "deep analytical" expertise and according to their report last year the U.S. will need 140-190,000 of these employable individuals. 1.5 million more data-literate managers will be needed as well.
We might be more skeptical of such an immediate high demand of people educated in the school of data analysis if the New York Times did not provide us with this information:
Research by Professor Brynjolfsson and two other colleagues, published last year, suggests that data-guided management is spreading across corporate America and starting to pay off. They studied 179 large companies and found that those adopting “data-driven decision making” achieved productivity gains that were 5 percent to 6 percent higher than other factors could explain.
While 5-6 percent gains may seem miniscule in relation to some of the hype about big data, we must realize those numbers will grow as both the number of deep analytical experts grow in addition to the quality of big data solutions for the enterprise.
Megan Feil, February 13, 2012