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

Thank you

Richard D. TitusChief Executive, AND

richard.titus@and.co.uk

@richardtitus