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Data as a Resource

Submitted by admin on Mon, 03/26/2012 - 10:21

Our understanding of data science and all analytics must be founded on a firm understanding of its core component: data. Data is quite similar to traditional resources such as copper or wool in that someone produces it, and then someone else buys the raw material and makes something new from it. However, it is unique from traditional commodities in that it doesn’t get used up in the process, making it particularly interesting and uniquely valuable. Data can be produced by anyone, and with advancements in analytical technology, can be utilized by everyone. But most companies do not see their data this way--it is a backend to reports at best or an expense at worst--which means this potential revenue source remains largely untapped.

Department Name: 
Research and Development

Data Stories

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Trend Watch

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Commentary

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