“Data is the new oil” is well hyped slogan. As with oil, data is meaningless unless you use and capitalize it. Amount of data is growing but is our sense-making capacity matching the speed?
The way to make money with oil is to pump it out, refine it and only then we have modern infrastructure. With data money-making is similar as it needs to be refined to valuable information and then it can truly drive the development.
Intriguingly, combining different sources and reusing data just increases its value. We can save atoms, nature, human lives and nature with smart traffic, cities and healthcare.
“In addition, tools perfect for linear world are still mainstream, even though our world and business environment are growing in complexity.”
But do we have capacity for data refinement in firms and society at large?
Our experience from different industries and public sector tells quite grim story; most organizations still work in process silos supported by process specific data silos. Horizontal view or enterprise architectures are either completely missing or only theoretical concept level designs. In addition, tools perfect for linear world are still mainstream, even though our world and business environment are growing in complexity.
However, there is a growing minority of leaders and professionals accepting the fact that in complex world you cannot survive with command and control type of management systems and tools. These businesses are coming up with tools to refine and make new value with their data.
In the future they are the ones controlling the business as the likes of Google and Facebook are currently dominating information platforms.