Turning Big Data into Big Revenues
For many CEOs today, big data is at the top of the strategic agenda. At the same time, many business leaders are wondering how to turn the vast stores of data in their existing systems—in addition to the fast-growing volumes of data generated by the social Web and elsewhere—into top- and bottom-line benefits.
According to a 2012 study by global management consulting firm McKinsey & Co., 65 percent of executives say big data and analytics is a priority for their
organizations (see Figure 1, “Big Data High on Strategic Agenda,” at right). About half of business leaders say they expect to build competitive advantage
with the initiative, and nearly a third intend to build a new business or tap into new profit pools.
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