Great post, very interesting topic and one that is being applied across all our businesses today. Look for example at the explosion of data available to help me manage my fantasy basketball league. I've been playing for several years and each year Yahoo has added features that expand the "big data" I can use.
Yesterday I was reading an op ed piece which provides another slant on big data that is specific to healthcare. Healthcare's complexity creates a nearly unlimited universe to collect, slice and package big data. But to your point Ed, this article discusses what makes a clinician effective. And the short of it is using experience to be able to predict black swans. Black swans are healthcare events that are extremely rare yet have drastic consequences.
I will go back to an oft-circulated presentation on leadership by Colin Powell. In it, one of the lessons of leadership is:
Use the formula of P-40 to 70, in which P stands for the probability of success and the numbers indicate the percentage of information acquired. Once the information is in the 40 to 70 range, go with your gut.
Big data attempts to give us 100% of the information, but at the end of the day we can be paralyzed by this information and it doesn't leave room for our gut, the experience we have that helps us make the best decisions and identify black swans.
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