Tag Archives: McKinsey

An executive’s guide to machine learning | McKinsey & Company

via An executive’s guide to machine learning | McKinsey & Company.

A nice read if you are looking for a short introduction to the history and importance of machine learning.

Open Data Could Be Worth $5.4 Trillion Annually

Michael Chui of McKinsey Global Institute provided some clear insights about the benefits of opendata. Here are the 4 characteristics of open data provided by Chui:

  1. Access by Everyone
  2. Formatted for Easy Reading by a Computer
  3. Free(no cost)
  4. Unlimited Rights to redistribute and reuse

Also, Chui describes how an organization can get the most from their open data. It is not enough to just make the data available, the organizations must provide an ecosystem focused around the open data. Here are some of the strategies he discussed.

  • Identify and Prioritize the Correct Data to open
  • Get Developers/Data Scientists (internal/external) Playing with the data
  • Talent
  • Privacy/Policy Issues
  • Platforms & Standards along with metadata

He also mentions the potential economic benefits of open data ranging from $3.2 billion to $5.4 trillion. For more information on open data see the latest Report from McKinsey Global about Open Data and/or watch the video below.

Big data: The next frontier for innovation, competition, and productivity | McKinsey & Company

Big Data: The next frontier for innovation, competition, and productivity | McKinsey Global Institute | Technology & Innovation | McKinsey & Company.

This report by McKinsey & Company is frequently referenced, so I thought I should post a link to it. It includes the following quote about the lack of talent to fill Big Data positions.

By 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.

This quote is why now is a great time to be learning to become a data scientist.