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Data is the new oil


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Presentation I gave at the inaugural and wonderful MLove conference outside Berlin

Published in: Business, Technology, Design
  • Ah! Turning base metal into gold (slide 19) Couldn't have put it better myself ....
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Data is the new oil

  1. 1. “ Data Is The New Oil” Richard D. Titus CEO, AND June 2010
  2. 2. No Signal?
  3. 3. “ Data is the new Oil” – Clive Humby
  4. 4. Data is like Crude oil…. … 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
  5. 5. Data Symbols that exist and have no significance beyond existence Information Data that is processed to be useful Knowledge Application of data and information Wisdom Evaluating and contextualising of Knowledge Action & £££ What is data? The building block for wisdom!
  6. 6. Data is becoming a key input into businesses…
  7. 7. <ul><li>Online three broad types of data… </li></ul>‘ People’ ‘ Things’ ‘ Behaviours’
  8. 8. proximity, history and state We add three more with mobile devices
  9. 9. More touchpoints give us deeper insight
  10. 10. Data can make engagement stickier
  11. 11. <ul><li>Behavioural data appears to be the most scarce (and growing) </li></ul>1
  12. 12. <ul><li>Basic data on people becoming less valued, fully understanding people is key… </li></ul> … we are only starting to scratch the surface
  13. 13. <ul><li>Don’t understand, just analyse! </li></ul><ul><li>Microsoft’s Flight ‘Price Predictor’ (Farecast) is based on 225 bn pieces of data; replicates airline ticket pricing to help choose when to buy! </li></ul>
  14. 14. <ul><li>One data set can be refined and used in many different ways for different customers </li></ul>
  15. 15. <ul><li>Value in data about Things comes from having </li></ul><ul><li>comprehensive and detailed data… </li></ul>Broadbean Job Search Index UK Unemployment … this can help create valuable knowledge
  16. 16. Businesses are starting to understand the value of data and encourage users to create more data
  17. 17. Global Information Created and Available Storage Exabytes Source: IDC,-boltless-META-shelving-from-LINPAC-Storage-Systems-x1500.jpg Data created Available storage Storing all this data is getting harder, because data is getting bigger and bigger…
  18. 18. <ul><li>It can also be risky to rely on data and data systems </li></ul>
  19. 19. Turning base metal into gold
  20. 20. Even though only 5% of all the information in the world is ‘structured’ … yet
  21. 21. <ul><li>Refine Refine Refine to create value! </li></ul>
  22. 22. <ul><li>Systems to get the right data to the right people at the right time are crucial </li></ul> Distribution is key!
  23. 23. <ul><li>Tension between individuals’ privacy and companies’ data habits is growing </li></ul>
  24. 24.,isz:l&imgurl=8ec88b8e765f8e4c <ul><ul><li>Building block for wisdom - wide range of applications </li></ul></ul><ul><ul><li>Refine to create value and avoid commoditisation </li></ul></ul><ul><ul><li>Care around distribution/privacy/security </li></ul></ul>Summary
  25. 25. <ul><li>Thank you </li></ul><ul><li>Richard D. Titus </li></ul><ul><li>Chief Executive, AND </li></ul><ul><li>[email_address] </li></ul><ul><li>@richardtitus </li></ul>