Information: The Next Natural Resource, Part 2
To understand the enormity of the potential of data, let’s go back to the Industrial Revolution. That’s when there was an exodus of people from agriculture into manufacturing and the country urbanized en masse. We are now in the early throes of the Information Revolution and jobs are being reshuffled with higher value placed on those who can incorporate different kinds of information into every job. Who can use information to do their jobs?
There will be mistakes on that journey.
Our personal proclivities and psychographics are now in private hands. Sort of. Those private hands have a jaded view of what that is. Historically, corporations used information to make judgments about you – and this was mostly done on paper and barely usable – now they reach into the (landmine) data caverns of third-party curators of our digital footprints. If it can be monetized, it will be. But the curation today is in its infancy.
This curation requires the cooperation of the owners of the data – quite often application companies and also the people implicated in the use – to agree to share.
Are you a cigar smoker? Well, you did subscribe to Cigar Afficiando. Do you own a horse? Well, you do live on a lot zoned for horses. You get the point. Scores of people across thousands of dimensions are being calculated and often with imprecise data.
Companies know that if they can accurately anticipate your next move, they have a tremendous advantage in the market. But stores greeting you by name and recalling your last purchase, like in the movie Minority Report, are the tip of the iceberg of possibilities for how people will be treated in the Information Revolution.
For the rest of this article, please refer to Eckerson Group.