30 Dec Machine Learning, Analytics Offer Untapped Potential, McKinsey Says
Incorporating data analytics’ value into corporate culture is essential to competing against digital disruptors. InformationWeek interviewed McKinsey partner and lead researcher Michael Chui about a new report addressing competition in a data-driven era.
Business and industry have only just scratched the surface when it comes to realizing the potential value from analytics. Consulting firm McKinsey predicted huge value to come in its 2011 report, Big Data: The Next Frontier for Innovation, Competition, and Productivity. and while some of that has been realized already, there’s plenty that remains untapped, and there’s even more than the original McKinsey report anticipated.
The firm released a new report, The Age of Analytics: Competing In a Data-Driven World, to update its previous research, look at some of the new trends, and provide a picture of the current state of analytics in organizations today. InformationWeek spoke with one of the new report’s lead researchers and authors, McKinsey Global Institute (MGI) partner Michael Chui in an interview. Overall, MGI still believes there is huge potential for data and analytics to provide value — even more than anticipated five years ago when the first report was release.