Big Data is one of The Hot Topics across industries & domains these days. Have you heard about Open Data though? Do you understand how the two are connected and what their value is across different verticals?
McKinsey & Company just published a very interesting report entitled “Open data: Unlocking innovation and performance with liquid information”
They provide, among others, an extremely helpful depiction of the relationship between different types of data – creating a mental image that truly captures the gist of the subject.
The report proposes, an excellent, framework to put structure behind any Data discussions and use it to provide valuable insights for the following verticals:
- Consumer Products
- Oil & Gas
- Health Care
- Consumer Finance
It even goes one step further and estimates the potential of open data in unlocking economic value across the aforementioned domains.
The framework itself uses the notion of “levers” – necessary to create the calculated economic value. The number & definition of potential levers differs per vertical – an example for the Consumer Products follows (for more details on this and the other verticals take a look at the full report):
Do you have a clear picture of the role that data can play to assist your business? Have you identified the “Levers” of economic value?