Data is the new oil
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“Data Is The New Oil” Richard D. Titus CEO, AND June 2010
description
Presentation I gave at the inaugural and wonderful MLove conference outside Berlin
Transcript of Data is the new oil
“Data Is The New Oil”
Richard D. TitusCEO, ANDJune 2010
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No Signal?
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“Data is the new Oil” – Clive Humby
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…valuable but needs to be refined. But value exponentially higher than even our current appreciation of its usage
Must be broken down into specific, useful parts
One data set can be adapted to be used across several different products
Data is like Crude oil….
DataSymbols that
exist and have no
significance beyond
existence
InformationData that is
processed to be useful
KnowledgeApplication of
data and information
WisdomEvaluating and contextualising of Knowledge
Action & £££
What is data? The building block for wisdom!What is data? The building block for wisdom!
Data is becoming a key input into businesses…Data is becoming a key input into businesses…
Online three broad types of data…‘People’
‘Things’‘Behaviours’
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proximity, history and state
We add three more with mobile devices
More touchpoints give us deeper insight
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Data can make engagement stickier
Behavioural data appears to be the most scarce (and growing)
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Basic data on people becoming less valued, fully understanding people is key…
…we are only starting to scratch the surface
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Don’t understand, just analyse!
Microsoft’s Flight ‘Price Predictor’ (Farecast) is based on 225 bn pieces of data; replicates airline ticket pricing to help choose when to buy!
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One data set can be refined and used in many different ways for different customers
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Value in data about Things comes from having comprehensive and detailed data…
Broadbean Job Search Index
UK
Unem
plo
ym
en
t
…this can help create valuable knowledge
Businesses are starting to understand the value of data and encourage users to create more dataBusinesses are starting to understand the value of data and encourage users to create more data
Global Information Created and Available Storage
Exabytes
Source: IDC http://www.linpac.com/Global/Press%20releases/Fast-build,-boltless-META-shelving-from-LINPAC-Storage-Systems-x1500.jpg
Data createdData created
Available storageAvailable storage
Storing all this data is getting harder, because data is getting bigger and bigger…Storing all this data is getting harder, because data is getting bigger and bigger…
0200400600800
1,0001,2001,4001,6001,8002,000
2005 2006 2007 2008 2009 2010 2011
It can also be risky to rely on data and data systems
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Turning base metal into goldTurning base metal into gold
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Even though only 5% of all the information in the world is ‘structured’
…yet
Even though only 5% of all the information in the world is ‘structured’
…yet
Refine Refine Refine to create value!
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Systems to get the right data to the right people at the right time are crucial
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Distribution is key!
Tension between individuals’ privacy and companies’ data habits is growing
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Building block for wisdom - wide range of applications
Refine to create value and avoid commoditisation
Care around distribution/privacy/security
Building block for wisdom - wide range of applications
Refine to create value and avoid commoditisation
Care around distribution/privacy/security
Summary
