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-based-services-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