Data is like oil. It only has a future value just sitting in a big pool. “Pure data,” as my fellow panelists said Friday night at API Days, has not proven to have much market play.
I agreed with them but it’s the wrong way to look at the matter. More so, it’s about how the data is processed and refined. Explore that dimension and it’s apparent that a data economy has emerged that has the virtual equivalence in power to oil and its impact everywhere.
But like oil, people don’t immediately equate data with everyday products or services. They know the data is there, but its uses are as infinite as space and its endless possibilities. How to understand the impact of data as an infinite concept is an intellectual exercise. That’s an important pursuit, but in our world, we need relevance to drive understanding.