Summary of �New Ways to Exploit Raw Data May Bring Surge of by A0R01wt

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									                 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

								
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