What’s the Big Deal About Big Data?

October 25, 2012
389 Views

ImageBig data is getting tons of attention these days. But why?

Big data is big business. Trillions of bytes of information are generated everyday by businesses large and small. And right in the middle of the big data picture are consumers as they browse, shop, share and communicate both online and offline.

ImageBig data is getting tons of attention these days. But why?

Big data is big business. Trillions of bytes of information are generated everyday by businesses large and small. And right in the middle of the big data picture are consumers as they browse, shop, share and communicate both online and offline.

Let’s take a look at some statistics about data growth from a McKinsey Global Institute report on Big Data: 

  • 15 out of 17 U.S. business sectors have more data stored per company than the entire Library of Congress
  • By using big data to drive efficiency and quality, it is estimated that retailers could increase operating margins by as much as 60%
  • By 2018,  the United States alone could face a shortage of 140,000 to 190,000 people with the deep analytical skills required to understand big data

Business leaders are now faced with a new challenge of harnessing, analyzing, and gaining insight from this massive amount of data. Huge opportunities await those that rise to this challenge and take action.

At the October 31st installment of the Mind Over Machines Tech Trilogy, we’ll look at how a diverse group of organizations made data a priority, along with the results they achieved.

In our discussion you’ll learn about:

 

  • A legal services firm that was so good at mining courtroom data for clients, it spun out its own prospecting business, which was profitable from week 1
  • A healthcare  provider that grew to $3B by rapidly acquiring the best targets while its competitors were still trying to figure out which deals were worth pursuing
  • A corporate services firm that mashed and enhanced public databases to identify the best prospects, blowing sales through the roof

 

I’ll also walk you through a story of how data mining and clever social media turned raw data into a living, breathing movement that changed minds and even policy—data helped us beat the Maryland Tech Tax!

With data you can dig deeper and do amazing things, like exposing relationships and opportunities that weren’t obvious. From a strategic standpoint, data can be instrumental in helping you pinpoint and achieve your top business priorities.

Join Mind Over Machines on October 31st for a unique networking and learning opportunity, as we present “Is Big Data Scaring You?” Participate in the discussion, share your stories, ask some questions, and we’ll all learn something. For more information and to register for this no-charge event, click here.

 

Tom Loveland is the Founder and CEO of Mind Over Machines. Don’t hesitate to drop Tom a comment on this post. Follow Tom on Twitter or connect with him onLinkedIn for more technology commentary.


Image Source