Data is the new oil.
Data is an essential resource that powers the information in the same way that oil has fueled the industrial economy. Data flows like oil but we must drill down it into valuable data to extract value from it. Amazingly, the way in which the oil industry boom brought various new innovations in the form of kerosene lamps, motor cars etc, the rise of data has also encouraged companies to make use of information in the most creative ways.
Today the availability of data is more than anyone can analyze and people are willing to sell it in all forms. Technology is no longer a barrier to open source systems, and cloud computing makes it cheaply available. The future belongs to those who formulate a clear business model around data monetization.
Data monetization can be made possible by hiring talents willing to work in the ‘internet’ mode in which the old way of doing a deep statistical analysis before acting on data needs to be replaced by a more dynamic way that tests various options in real-time and follows the data. Developing a unique perspective on data to serve innovative use cases will expand business opportunities.
We shall make sure that we have real-time access to the most important data in the business because analyzing total revenue, profit or costs is not enough to exist. Understanding what influence the business and their goals are much more important to establish the business. In fact, the real value lies in accessing the microdata, not in macro data.