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Future of value of data asia iot-asia presentation - 22 march 2018

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Ahead of a series of major foresight events across Asia, we are very pleased to be sharing some initial views this week in Singapore on the key topic of the future value of data.

The value of data is an issue of interest to many. In a world where multiple systems are being transformed by digital, there are a host of organisations rushing to capitalise on the opportunity. They are not only digitising their businesses and creating new digital business models and platforms, but within this many are also seeing that their future value lies in data on which such models depend. This is common to a wide range of sectors and is evidently fuelling a 'data land grab' by many. There is however an important underlying question that has not yet been clearly addressed. This is what we actually mean by the 'value' of data. Recent events suggest that data sets can be both the most precious economic asset on earth as well as a liability that is used against our most precious institutions. The question of where the value in data lies then, is pivotal to how we understand the future of data ownership, access, regulation and use.

The data debate is becoming extreme. Many protagonists adopt 'all or nothing' positions around issues such as privacy, encryption, security and economic freedom. Data can clearly fulfil different roles in the economy, in society and for organisations and individuals. However, some simplistic views help us understand some roles - but also mislead and blind us.

Oil: The perspective that data is the new oil is one example in common debate: Vast hordes of it can make its owners very wealthy and powerful but it is however not a finite, exhaustible resource, nor are the costs of extraction high. So maybe it is not really like oil?
Currency: Equally some suggest that data is the new currency. Data can certainly serve as a medium for exchange and can also be used as a store of value… but describing data as currency really doesn't tell us much. It just confirms that data has value in certain contexts.
Water: Others we have talked to take a more holistic view and suggest data to be more like water - abundant and essential. It enables many other things of greater economic value to grow and develop. But in many contexts, it itself is maybe seen to have little or no value.

All three analogies have merit, but none seem to be quite right? There is no clear shared view on what data actually is - this may hold us back. As we move ahead, many now recognise that we need a better, more informed, forward looking, global, cross-industry view. If companies, governments and individuals are going to make the most of all the new data increasingly available, then several now consider that we need a more coherent picture of its real value. Too many strategic assumptions are being made without a shared, informed common perspective.

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Future of value of data asia iot-asia presentation - 22 march 2018

  1. 1. The Future Value of Data Insights from Multiple Expert Discussions IoTAsia | Singapore | 22 March 2018 The world’s leading open foresight program
  2. 2. Context This is a point of view on the future value of data. It is a perspective based on a series of global expert discussions. More detailed workshops are taking place throughout 2018.
  3. 3. The Data Explosion We are in an era of unprecedented growth for information. Everything that can benefit from a connection has one. By 2020 we deliver 10,000x more data 100x more effectively. 2020 Predictions: 12bn Connected Devices Bosch 50bn Connected Devices Ericsson / Cisco $309bn IoT Supplier Revenue Gartner $1.9tn IoT Economic Value Add Gartner $7.1bn IoT Solutions Revenue IDC 1tn Sensors IBM
  4. 4. More Data The advent of ‘big’ has changed our relationship with data. The IoT is massively increasing the volume of information available … but the nature of what data actually is, is rarely questioned.
  5. 5. The Value of Data The economic incentive to generate and collect data from multiple sources is leading to a data “land grab” by many organisations. This is clearly taking place across numerous sectors and regions.
  6. 6. Rising Cyber Security Threats Greater interconnectivity and the expansion of the IoT is, in some areas, also creating new opportunities for the unscrupulous who seek to exploit weakness and destroy systems.
  7. 7. Data Marketplaces Ecosystems for trading data are emerging in key industries. Several significant companies and governments are investing heavily. Personal and machine data will be represented in new data marketplaces.
  8. 8. Polarized Data Debate The data debate is however becoming extreme. Many protagonists adopt ‘all or nothing’ positions around issues such as privacy, encryption, security and economic freedom.
  9. 9. Data Politics Data politics is also entering the mainstream as more people and organizations come to understand the impact of data collection and the use of their information in their own lives, relationships and businesses.
  10. 10. Open Data In many contexts, data is increasingly openly shared for free. Many smart city ambitions rely on open access to public data. The positive social benefit is seen to outweigh any economic loss.
  11. 11. Privatization of Data Several sectors are facing the challenge of greater privatization of data. The privatization of medical knowledge and more ‘secret software’ test the view that most health information should be a ‘public commons’ for all.
  12. 12. Data Ownership Traditional legal models of ownership of digital data cause debate. The focus shifts to the question of who is benefiting from what data. Individuals and organizations become custodians of their own information.
  13. 13. Personally Curated Data ‘Personally curated’ sources of data have higher value because they represent the wishes of individuals, rather than the presumed wishes from derived data.
  14. 14. Data Sovereignty Sensitivity over ownership of data constrains sharing across national borders. In particular, resistance to a US-based concentration of data builds. However, in many cases, data flows do not respect national boundaries.
  15. 15. Vehicles as Payment Cards The roll-out of connected cars combines with biometrics and driver location to link and authenticate credit cards to the vehicle: This provides automated payment for road tolls, gas stations, parking and drive-thru services.
  16. 16. Machine Learning Taking Control With the rise of AI and autonomous computing, machine learning is increasingly put in control of managing our systems such as energy – quickly realizing efficiency savings of around 50% in some sectors.
  17. 17. Digital Land Rights Few African farmers currently have rights over the land they work. Adopting a digital approach to assigning and managing rights may be transformational – unlocking ‘dark capital’ to improve yields and investment.
  18. 18. Data is the New… Data can fulfil different roles in the economy, in society and for individuals. Simplistic views help us understand some roles, but also mislead and blind us. There is no clear shared view on what data actually is - this may hold us back.
  19. 19. Data is the New Oil? The perspective that data is the new oil is one example in common debate. Vast hordes of it can make its owners very wealthy and powerful but unlike oil it is not a finite, exhaustible resource, nor are the costs of extraction high.
  20. 20. Data is the New Currency? Data can certainly serve as a medium for exchange and can also be used as a store of value… but describing data as currency really doesn’t tell us much. It just confirms that data has value in certain contexts.
  21. 21. Data is like Water? Some see that maybe data is actually more like water - abundant and essential. It enables many other things of greater economic value to grow and develop. But in many contexts, it itself is seen to have little or no value.
  22. 22. A Coherent View If companies, governments and individuals are going to make the most of all the new data, then we need a more coherent view of its real value. Too many assumptions are being made without a shared common perspective.
  23. 23. Future Agenda 84 Brook Street London W1K 5EH +44 203 0088 141 futureagenda.org The world’s leading open foresight program What do you think? Join In | Add your views into the mix www.futureagenda.org @futureagenda

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