New ways to exploit raw data may bring surge of innovation, a study says

May 15, 2011 | Source: New York Times

Will the deep analysis of massive datasets take businesses to the next level? A new study by the McKinsey Global Institute, research arm of the McKinsey & Company global consulting film, argues yes.

The study, “Big Data: The Next Frontier for Innovation, Competition and Productivity,” says that data harvesting could save the United States health care system $300 million a year and increase the operating profit margins of businesses by 60 percent.

The largest obstacle to fulfilling this promise is a need for more people with “deep analytical skills,” such as math majors familiar with statistical methods and data-analysis technologies, and 140,000-190,000 will be needed in the United States alone, the report says.