The CEO of Mastercard told an audience in Saudi Arabia that “data could be as effective as oil as a means of generating wealth.” Is he right?
“Companies today handle more data than ever before and it’s having a profound effect on the way governments, businesses and technologies evolve,” says data scientist Justhy Deva Prasad, author of “The Billion Dollar Byte: Turn Big Data into Good Profits, The Datapreneur Way.”
Non-digital companies may be doomed. “You cannot halt the digital revolution and if companies don’t build a boat that embraces the coming data tsunami, they’re not going to be able to compete with those who do,” says Prasad.
Traditional legacy companies need a framework for making data strategy central to their business models in the same way that the newer Digital Native companies have. The framework should provide concrete models for creating smart data infrastructures, accurately weighing the value of data and data systems, investing in the right technologies, hiring entrepreneurial people with tech skills, leveraging the full value of data, and much more. It aims to help companies align their data strategy with their business model.