The data-as-a-service business model is on the horizon. Forrester suggests that after IBM’s acquisition of The Weather Channel, more businesses will attempt to monetize their data. At CluedIn we are moving ten steps past this. Data-as-a-service is so much further along than weather, stocks and public records. You don’t have to look far to find data services available to help you plug the holes that could exist in your own data.
What we are talking about at Cluedin is more about a huge shift in the value or data. It is not news to know that data already has value, however what we are talking about is more, who owns that value. Your average data transaction today involves a business with a huge database of data and a buyer that pays money to that business to know information about a person, company or more. At Cluedin we believe this will shift. Why? Because some data goes stale, very quickly. Not all types, but some types are invalid within days and hence can cause issues in trust and properly working with your data. The shift will come in one major format:
Companies will shift towards paying individuals to know more about them. This includes paying individuals to give them information on them and permission to use it to personalize advertisements and products back to them.
This one-to-one relation will allow an agreement to be made between a company and an individual that to pay for a persons data so that they can have a non stale version of their interests, skills and more.
This will help decentralise the value of the data and improve the quality of data by having the value sit with the source. How will this show itself?
It has to start with a passport. Some type of system that uses your private data to make assumptions about you. This passport of information is then something that e.g. Amazon can pay you for on a monthly basis. The bottomline is that your data has huge value. Cluedin can help you utilise it properly and potential products in the future might even allow you to personally profit from it as well.
You can see pieces of this alive and well within companies even today. How often have you heard one of your sales mention their extensive network of contacts and connections. To be honest, this has value. However a lot of this value is also electronic. Could it be that future hires at a company are made off the amount of valuable data that an individual has? The concept sounds….interesting but odd.