I recently heard someone mention, “Data is the new Oil” and it got me thinking… If data does truly become the next commodity, in what ways can someone capitalize on the opportunity. Perhaps investment in data storage has merit… Perhaps data collection. Maybe the opportunity is in data legitimization… ?
Data as the new oil is fine; everyone wants to get in on “Big Data” – The problem is, big data is … BIG. It’s big in management and it’s big in responsibility. Guidestar comes to mind as a Big Data company… they resell IRS data in a format that is readable (seem broken to anyone else?), Facebook has big data and informs trends now a days (relevant to your market? maybe). Big data is nice have, but putting the power back in the users hands is where the commodity aspect comes in. Big data means nothing unless you parse it, explain and convey it in a way small minds can consume.
Data visualization is nothing new, Mr. Tufte is one of the first to bring it to light in the academic environment. But, data visualization on a computer screen is a bit different than print visualization. I feel the real opportunity in this Oil 2.0 will be with strong analytic and visualization tools. Make sure if you get into big data, you have big analytics and big breakdowns for my small mind Compress data dont summarize – Offer the facts, dont offer assumptions on trends.