t automaton
July 10, 2012
Big Data is the next Oil

It’s difficult to see the data race subsiding. In fact, the economic incentives to harvest and monetize vast amounts of data are only growing. A 2011 McKinsey study (that is quickly becoming the most often cited source of the economic potential of Big Data) pegged the value of Big Data in just the US healthcare system alone at US$300 billion. McKinsey also estimated a need for a million and a half “data savvy managers” in the US simply to take advantage of the economic opportunities of commercial Big Data. The report notes that there are big potential wins for the public at large as well: a more efficient US healthcare system that leans more heavily on Big Data to anticipate public health trends could lower heath care costs for all taxpayers.  But such win-win scenarios are not always as obvious in other sectors.”

(via globalintegrity)