Monday, March 30, 2015

It Is Not The Algorithm Or The Skills. It Is The Data

Today and in the future companies that gather and own data, usually about users, will reap bulk of the benefits. Companies that have a proprietary algorithm to mine data might have a temporary advantage. But that will not be a lasting advantage. Data science skills might sound very exotic today. But so was HTML in 1990 and Java in 1995.

If you think about data as the new oil, the countries who have oil reap lasting benefits. Think Saudi Arabia. The countries that have the technology to extract the oil can make some money charging for it. But the bulk of the income will go to the countries with the oil. if you want to invest in or work for companies, look for those who have the capability to collect and own data, even if they are not able to extract full value out of it today. They can buy such expertise or get help from outside to mine value out of the data and take actions based on it.
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