Over the past 5 years more and more companies have found value in the data already in their possession. Companies like Walmart have used data collected to create a competitive advantage, enabling them to dominate their industry. Google is a business founded on the value of data and clearly has set the standard for monetization of data. Even with the data revolution sweeping the business world many business fail to understand the opportunity that sits locked in the applications that run their businesses. Even more disturbing is the data that is never collected due to the limited view of what constitutes a valuable company asset.
In simple terms companies without a comprehensive data collection and monetization strategy will continue to underperform competitors with more forward looking data strategies. Companies without a data collection and monetization strategy will typically view their data in silos, like pricing, supply chain, customer and marketing. Companies without a data collection and monetization strategy may also lose data due to aggressive data retention policies, born of fear and risk management. As the cognitive economy becomes a reality, companies with their silo views will not be competitive and hemorrhage market share to their more informed competitors.
I have long explained to people the value of the data corporations collect. I have seen first hand the value of large pools of correlated, linked, behavior generated data and as Tim O’Reilly points out in his post so does Google.
My favorite definition of Cognitive** is:
Having a basis in or reducible to empirical factual knowledge.
The key part of the definition as it relates to Tim’s post and Google is “Having a Basis in or reducible to” . I also like “empirical”. Cognition requires data and lots of it. Algorithms are secondary to the data for without the data there is nothing.
Google is just a stalking horse for the coming cognitive economy, there are many other players less public and less chic that are working to exploit the coming opportunities.
**”cognitive.” The American Heritage® Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. Answers.com 18 Dec. 2007. http://www.answers.com/topic/cognitive
Google releases Google Maps for Symbian Devices. Just more Fuel for my earlier post about the ideal combination of Nokia and Google. It is probably my wishful thinking but it has a great deal of potential.
I was thinking about the Nokia acquisition of NavTeq and Google phone. I asked myself what if Google was going to use Nokia for the handset in place of HTC. The more I thought about it the more I thought the combination would be a great one. Google the King of the services and Nokia the King of the device (sorry Apple). Google has cash, developers and the applications. Nokia makes great handsets and now adds content critical for the age of the location aware and networked phone. Wow, if they got together Apple would be screwed. I know Eric Schmidt is on the board at Apple but man imagine a Google powered Nokia N95. I think Google and Nokia would make a powerful pair.
Just my 1.5 cents worth.
I have finally closed on my RFP for feed management. It only took me 10 months, that’s about right for an IT project. I have to say the set up was easy and straight forward.
I look forward to the day when Google analytics is merged with FeedBurner. Google will soon have a comprehensive offering for collecting behavioral data for websites. A belated congratulations to the folks at FeedBurner, I hope that the acquisition goes better than others (blogger, dodgeball).
I have in the past written about Google Reader. It has received a needed update that has taken it to a whole new level. I have been of late getting tired of the river of news format, and have secretly hoped Google would do something about it. I tried tags and reading a feed at a time, but Reader was just to cumbersome. Now post redesign all I can say is Nice, and I won’t be going anywhere else to read my feeds anytime soon.
Well done Google.
A simple example of a quantitative approach to estimates. There are many more examples from the likes of John P. Craven using of Bayes’ theorem of subjective probability (pg. 104) and Google.
Quantitative Research defintion via Wikipedia
Quantitative research is the systematic scientific investigation of quantitative properties and phenomena and their relationships.
Yeah, just give me the numbers.