There has never been a better time to achieve impact with data. More and more data is available, computing power is ever increasing, and mathematical techniques and the so-called data science are getting more and more advanced. What’s more, “digital” and “data” have become the talk of the town. Yet while talking about data as the “new oil” or the “new gold” is fairly widespread these days, several technology- and business-related difficulties make understanding data’s importance and realizing its potential a persistent challenge.
Against this backdrop, this paper from McKinsey: 1) outlines the scope of data’s growing importance and impact potential, 2) describes the fundamentals of the insights value chain’s upstream and downstream processes, and 3) introduces key practice perspectives on creating insights-based value and making an impact with it.