Data – the world’s most highly valued untapped resource
Top data engineers are becoming some of the highest paid jobs today as more and more organisations not only find value in their data, but seek to share it and trade it with others.
Data, according to the Economist magazine, is the “new oil” and now, the world’s most valuable resource. As with any new commodity, the data explosion has spawned a “lucrative fast growing industry” spearheaded by the titans of the digital era: Amazon, Apple, Google and Facebook.
For most organisations, data has been a game changer. It has transformed the way customer relationships are understood and how they are engaged. It has transformed available marketing channels and the nature of competition.
Data is at the core of the digital economy in the same way oil powered the 20th century. Like reserves of oil, the vast percentage of the data which exists today remains untapped and unused, waiting to be mined before it can be applied and fulfil its potential. But unlike oil, data does not as yet have a monetary value. Accounting standards, which changed decades ago to allow the monetisation of brand value on balance sheets, do not yet allow the monetisation of data.
Data Lakes, Data Marts and Data Warehouses
One potential analytics provider is Zetaris, another of Westpac’s equity investments through its Reinventure venture capital fund.
The Zetaris model enables users to analyse a diverse range of data sets in a cloud environment “without having to build a physical Data Lake, Data Mart or Data Warehouse.”
The development of these new technologies have supercharged the dissemination, sharing and analytical insights derived from data.
In addition to its investment in Zetaris, Westpac is also using its capabilities to develop its own analytics offering which will help its customers make more informed decisions around products, marketing and customer relationships.
However, the utilisation of data is in its early stages, and, as such, requires a clear regulatory framework, underpinned by consensus, to move forward. According to Macgregor Duncan, Westpac’s Head of Business Development, “Open data sharing is an important next step. It is essential to enhance trust and confidence. That is why an appropriate, phased approach to open banking is crucial.”
The Australian Government appears to mirror this view. It released its Public Data Policy statement in December 2015, which sets an agenda to create a framework for open data exchange and collaboration whilst enshrining principles of permission, confidentiality and privacy for individuals.
These concepts were picked up by the Productivity Commission Report on Data Availability and Usage, which recommended the introduction of a “Comprehensive Right” for consumers to both access their own data, and also allow it to be provided to third parties.
At Zetaris, it’s all about accuracy and precision. They have a proven track record of helping organisations across the public and private sectors do better; recently, Melbourne Business School students doing their Practicum with Zetaris discovered anomalies in some Australian Government datasets. The government was informed and the datasets fixed, meaning that it’s likely you’ve benefitted from Zetaris’ data cleansing practices without even knowing.
If you’re looking to make smarter decisions, start by building smarter data. Zetaris can provide comprehensive data cleansing services, ensuring that you’re building the future of your business on solid ground.