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Markets are fast disappearing, and being replaced by networks. Networks of intelligence. Consumers can’t be controlled anymore, and become active, and are turning markets into dynamic systems. The age-old subject of marketing is being redefined. Information is the new oil.
Companies used to have time to respond. But, these days, their clock-speed is falling behind and many are running behind the facts. Ailing companies are realizing that they are out of tune with trends, with consumer behavior and don’t have the right insights anymore. Many companies are running blind.
Information is becoming stale faster than ever. Access to information is critical, but the amount of information seems to be exploding, and it almost seems pointless to try and keep up. Intelligence is key. Insight is crucial. And information is the new oil.
Data is no longer the data we expect it to be. Data has not only turned into Big Data, waiting to be explored. Data has also become Fast Data: we no longer have the luxury of analyzing customer behavior after their purchase, we want to know what they will buy immediately. Data has also become Live Data, as consumer behavior is no longer explained in long-term trends. Above all, data has become Context Data, as we cannot analyze the essence in isolation, we need to analyze the context as well.
With so much data available, information is gushing at us from different ‘wells’. Holding the power in an industry is not a question of getting as many oil wells as possible. In actual fact, the single biggest asset your company has lies in its ‘refining capacity’. It’s not about the amount of data, it’s about your ability to spot the patterns in that information.
‘Information is the new oil’ is the central theme of the first in a series of booklets we will be publishing this year, and will make available for download on this site.