Emerging New Consumer Data is A Gold Mine for Marketers & Consumers -- Steve Blacker

1 Data is a vital raw material of the information economy just as coal and iron were in the Industrial Revolution The quantity of business data doubles every 12 years according to one estimate This is happening due to the current surge coming from sophisticated computer tracking of shipments sales suppliers and customers as well as email Web traffic and social network comments2 Analyzing and mining these big new data sets can open the door to a new wave of innovation accelerating productivity and economic growth By understanding and exploiting Internetscale data sets new business opportunities will emerge Why Because marketers will be able to predict consumer behavior and market shifts Thus every manager will have to be able to understand something about statistics and experimental design They must grasp the principles of data analytics and be able to ask the right questions3 The McKinsey Global Institute the research arm of McKinsey just released a new major study titled quotBig Data The Next Frontier for Innovation Competition and Productivityquot The study makes estimates of the potential benefits from deploying dataharvesting technologies and skills Consumers worldwide could save more than 600 billion annually by 2020 due to the use of personal location data This will occur as computers increasingly determine users39 whereabouts by tracking their mobile devices like cell phones4 The biggest single consumer benefit according to the study is going to come from time and fuel savings Consumers will be able to tap into realtime traffic and weather data that can help drivers avoid congestion and suggest alternative routes This information will either come from a drivers39 mobile phone or in car GPS system5 Health care will gain 300 billion by having more effective data to make treatment decisions The new data will create new tools to make better clinical decisions and support and assist doctors with comparative effectiveness research This will result in more informed decisions on drug therapy This will require electronic health records for tracking results6 The biggest challenge will be finding 140000 190000 more people with deep analytical skills According to McKinsey the United States will need 15 million more dataliterate managers either retrained or hiredSteve39s new book You Can39t Fall Off The Floor The Insiders39 Guide to ReInventing Yourself and Your Career chronicles his 50 year career working for over 25 different companies with 189 lessons learned and insider tips from Gayle King Cathie Black Chuck Townsend and 28 others Blacker is still going strong today as a partner in Frankfurt ampamp Blacker Solutions LLC His web site is blackerreinventionscom and email address is blackersolutionsaolcomRead all Steveamp8217s MediaBizBloggers commentaries at Media ReinventionsCheck us out on Facebook at MediaBizBloggerscomFollow our Twitter updates MediaBizBloggerMediaBizBloggers is an openthought leadership blog platform for media marketing and advertising professionals companies and organizations To contribute contact Jackmediadvisorygroupcom The opinions expressed in MediaBizBloggerscom are not those of Media Advisory Group its employees or other MediaBizBloggerscom contributors Media Advisory Group accepts no responsibility for the views of MediaBizBloggers authors

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Emerging New Consumer Data is A Gold Mine for Marketers & Consumers -- Steve Blacker

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