New Ways to Exploit Raw Data May Bring Surge of Innovation

Report
Summary of
“New Ways to Exploit Raw Data
May Bring Surge of Innovation, a
Study Says”
Steve Lohr, New York Times, May 13th, 2011
Presented by: Zhe Jiang
[7]: McKinsey Global Institute, Big Data: The Next Frontier for Innovation, Competition and
Productivity. May 2011
What is Big Data?[6]
• Size beyond the ability of
commonly used software
tools
• Data growing challenges
• volume increasing
• velocity (speed of i/o)
• variety (data type/source)
• Examples:
computer tracking of shipments,
sales, suppliers, customers, email,
web traffic, social network
From McKinsey Report
Summary
• “Data is a vital raw material of the information
economy, much as coal and iron ore were in the
Industrial Revolution.”
• “Mining and analyzing these big new data sets can
open the door to a new wave of innovation,
accelerating productivity and economic growth.”
• “Exploit Internet-scale data sets to discover new
businesses and predict consumer behavior and market
shifts.” e.g. Google, Foursquare, etc.
location data
sales business data
social network data
Claims
• Value to the health care system in the united states
could be $300 billion a year
• Need 140,000 to 190,000 more people with “deep
analytical” skills
• Use of personal location data could save
consumers worldwide more than $600 billion
annually by 2020
• In health care, the biggest slice of the $300 billion
gain is expected to come from more effectively
using data to inform treatment decisions
Why Interesting?
• Due to large data volume, the storage,
management and analysis of the big data are
challenging.
• There is need for scalable computing and
analyzing techniques.
Relationship With Course
• Relevant to chapters of Data Mining and Data
Warehousing.
• New application or societal impact of database
techniques we learn.
Reference
[1] Steve Lohr, New York Times, May 2011,
http://www.nytimes.com/2011/05/13/technology/13data.html?_r=2&scp=1&sq
=raw%20data&st=cse
[2]Picture3 is from http://socializemybusiness.com/services.php
[3]Picture 2 is from
http://www.urbandigs.com/2007/09/jumbo_rates_still_surging_arms.html
[4]Picture 1 is from http://newsofthemedia.com/2011/06/location-basedservices-worth-10-billion-2016/
[5]The copyright of logo of “New York Times” on the slide belongs to New
York Times.
[6]Wikepeda, Big Data, http://en.wikipedia.org/wiki/Big_data
[7] McKinsey Global Institute, Big Data: The Next Frontier for Innovation,
Competition and Productivity. May 2011

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