McKinsey: Planning for big data

Planning for big data
A special package on mckinsey.com

Companies can exploit big data and advanced analytics to improve their competitiveness, productivity, and decisions, yet actually realizing that promise is hard. The first requirement is a plan: not only a strategy but also a road map for investing in technology and data and for building commitment, reinventing processes, and changing the organizational culture.

“Big data: What’s your plan?” unifies insights from many real-world analytics projects to show you how to get started. After you read it, check out three related videos. In the first, McKinsey director Tim McGuire explains big data’s triple challenge: deciding which data to use, deploying analytics, and using its insights to transform operations. In a second video, McKinsey expert Matt Ariker focuses on the human element: developing skills; integrating new capabilities, people, and roles; and making the necessary changes in mind-sets and behavior. Finally, McKinsey expert Matthias Roggendorf presents the business case for such a profound data transformation.

Two additional articles—the first set in a series on how analytics has been changing key industries—apply these insights specifically to health care. “The big-data revolution in US health care: Accelerating value and innovation” explains why analytics could transform the sector. “How big data can revolutionize pharmaceutical R&D” shows a way forward for companies struggling with declining success rates and stagnant pipelines. Both include video interviews with McKinsey directors, who discuss the challenges that organizations face.