– Consultancy firm Navigant.
It is easy to see why many claim that data is the new oil.
And it’s true.
The use of data to power business is everywhere and growing. Just “think of Uber, Deliveroo, Airbnb, the development of driverless cars, and drone deliveries. All of these companies need location data to power their software.”But how do you create value and wealth from data? Click To Tweet
The information age, the data economy or the fourth industrial revolution, call it what you will, it is very much real and is creating enormous value and wealth in the global economy. A perfect example of this is the use of location data, again “think of Uber, Deliveroo, Airbnb, the development of driverless cars, and drone deliveries.” What these and many other companies on the cutting edge of this data driven era have figured out is that: “the value of location data lies in its ability to mirror every aspect of the world around us.” And this knowledge has value.
The importance of location data cannot be overstated. The value of data associated with “where we are and where we want to go is at the heart of so many of the world’s most innovative businesses.” Indeed, if as they say data is the new oil and just like oil it has to be mined, refined and developed it into salable products and services.data is the new oil and just like oil it has to be mined, refined and developed it into salable products Click To Tweet
What is new is old
As technologically innovative as these businesses are, in some ways that are not new at all. At the end of the day its all about developing a product/service that creates value that a customer is willing to pay for. And this is what they do.