Data is a constant in evolution. There is never a time that it can be viewed as ‘present” for a long enough period. It is the future becoming present and soon to be the past. In today’s warp speed of change; new data is needed to lay the pathway ahead for this constant evolution or change. The same can be said for data currency. The right data grows in value. Its value grows or stays valuable provided that the data is relevant and the constant of data is continuously updated or evolving.
Data is being collected everywhere. The way you use your smartphone and behaviour becomes someone’s data. The websites you visit and interact with, are collecting data. Newer motor vehicles are pushing data to a central source. All this data can be very overwhelming. Recognizing that data is valuable is only the beginning, The challenge is to assign an agreed value to it and present it with accuracy. This value can be exchanged for any other currencies, including tokens.
Based on a google search
- Google processes 40,000 searches every second
- 456,000 tweets are sent every minute
- 16 million text messages are sent every minute
- 1.5 billion people are active on Facebook every day
This data is constantly created by Customers – both consumers and businesses. It is businesses that harness this resource, process it, package it and sell it or employ it to sell more of their own products. In other words, it’s businesses that really control the resource and the value of this data.
How can the value of this data be enhanced?
Understanding which data has monetary value is one thing. To compile data using valuable time and resources leaves room for inaccuracy and diminishes the value. There are many business intelligence and data aggregation tools available that can help with visualizing insights or clues as to the inherit value of the data. The next step would be to determine how to go beyond visual insights and create a product that can help monetize it.
Even though consumers, to a major extent, are creating this data, they have very little control over how it is used, and even fewer ways to exchange it as a currency. That’s beginning to change though, and customers are becoming more savvy.
What does the future look like? Imagine a future where companies work with Facebook to bring users onto their platform by enabling customers to pay with “tokens” made from data they’ve sold. In this scenario, Facebook would reinvent itself from being just an advertising platform to a data platform as well; with the ability to get customers on board to other platforms. Customers would have more incentive to sign up for new services without spending “hard cash” Data will be their cash”. The landscape will continue to shift toward transparency. There will be an increase in shared value among all stakeholders. Business models will have to buck the trend to be competitive.
Alan Ian Atkinson