The data economy — or the system that provides for the exchange of digitized information for the purpose of creating insights and value — grew in 2014, but in 2015 we’ll see it leap forward significantly. It will grow from a phenomenon that mainstream enterprises view at arm’s length as interesting to one that they embrace as a part of business as usual. The number of business and technology leaders telling us that external data is important to their business strategy has been growing rapidly -- from one-third in 2012 to almost half in 2014.
Why? It’s a supply-driven phenomenon made possible by widespread digitization, mobile technology, the Internet of Things (IoT), and Hadooponomics. With countless new data sources and powerful new tools to wrest insights from their depths, organizations will scramble to use them to know their customers better and to optimize their operations beyond anything they could have done before. And while the exploding data supply will spur demand, it will also spur additional supply. Firms will be taking a hard look at their “data exhaust” and wondering if there is a market for new products and services based on their unique set of data. But in many cases, the value in the data is not that people will be willing to pay money for bulk downloads or access to raw data, but in data products that complement a firm’s existing offerings.
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