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Innovation and Big DataJim Davis – Senior Vice President and
Chief Marketing Officer – SAS Harvard Business Review June 2013
Singapore Sessions – Page 138(excerpted and abridged)
1/13/2015 [email protected]
Pharmaceuticals
• Big data is a hot topic in business. You don’t necessarily need big data to innovate – some things don’t need many observations to see a pattern.
• But sometimes it takes millions or billions of records to detect a pattern of something rare, like certain disease indicators…or drug side effects that occur only infrequently.
• Personalized drugs developed from big data could transform the pharmaceuticals industry.
1/13/2015 [email protected]
Storage and Analytics
• Technological developments have made it possible to store vast amounts of data and analyze it quickly enough to be useful – the power of analytics.
• Impactful insights and hidden details can support fact-based decision making in real time and at incredible speed.
1/13/2015 [email protected]
New Applications
• Big data may not have been the inspiration for the iPhone, but it could predict the need for:
– New types of financial services
– New products for aging baby boomers
– New materials (or policies) to reduce failures in infrastructure
1/13/2015 [email protected]
Renewable Energy
• New markets like renewable energy that are struggling because they’re not yet cost competitive can use big data and the analytics to reduce cost.
• For example, maintenance on deep-water wind farms is difficult because of accessibility related to weather conditions. Big data streaming from sensors can predict breakdowns before they happen, so maintenance can be scheduled in favorable weather.
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Consumer Service
• Same thing with consumer goods. Embedded sensors can stream data to predict when a car or refrigerator needs service (before you’re stranded on the highway or the ice cream melts).
• Agencies like the Hong Kong Efficiency Unit, which collects 300,000 complaints annually, can improve and create new services that address common issues.
• Banks and governments are using big data to fight fraudsters, too.
1/13/2015 [email protected] 6
