You’ve heard of Big Data, but what about Open Data?

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.

MGI_Open_Data_exhibit1

The report proposes, an excellent, framework to put structure behind any Data discussions and use it to provide valuable insights for the following verticals:

  1. Education
  2. Transportation
  3. Consumer Products
  4. Electricity
  5. Oil & Gas
  6. Health Care
  7. Consumer Finance

It even goes one step further and estimates the potential of open data in unlocking economic value across the aforementioned domains.

MGI_Open_Data_exhibit3

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):

MGI_Open_Data_exhibit6

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?

2 thoughts on “You’ve heard of Big Data, but what about Open Data?

  1. Pingback: Are you ready for ‘on-demand’ marketing? | Elias on tech, business and everything else...

  2. Pingback: The Big Data playbook | Elias on tech, business and everything else...

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s