The era of Extreme Data Economy is where businesses are challenged to deal with operating at extreme scales, at extreme speeds involving extreme complexities and extreme amounts of data. When brought together with what we know as unpredictable and perishable data, it is no longer a business run with the help of data. The data itself, and how well you manage it, becomes the business.
Because of how we use the data for almost any aspect of our business, data has become more valuable than the business activities themselves. As a testament to this, companies like Google, Amazon and Netflix have proven that with the proper use of data, they are able to generate huge amounts of income.
Meanwhile, companies that operate in more traditional industries where data was hardly the point of reference are now challenged to become part of the Extreme Data Economy or be left behind entirely.
Car manufacturers, for example, had to go through a global refocusing to expand their work in data science technology. They needed to consolidate their initiatives across data analytics, data-driven services, and data centre management. As a car manufacturer today, they need to look into initiatives such as connected cars that share traffic detail, telematics services that learn the customer’s desires, and insurance that looks at pricing according to actual driving patterns. These car manufacturers will now require to not just produce working automobiles, but also by using the power of data, make driving cars an experience that’s personal and safe.
Traditionally, businesses were informed by the data that’s all around. Moving into the Extreme Data Economy, or the post big data era, businesses are generated and are now powered by that data.