Data is King
by; Russ Loignon, SVP Market Sales and Market Strategy
Cash is king. The origins of the phrase is not clearly known…but by definition it describes the importance of sufficient cash as an asset in the business for short term operations, purchases and acquisitions.
Today, as the digital transformation continues within and across the Enterprise, other assets can be view as “king”. When we speak to clients as they address their need to traverse this journey which now includes an Artificial Intelligence strategy, it becomes clear that these Enterprise clients are beginning to understand the value of the data that they either possess or are able to create by leveraging such technologies. As we engage our clients, nearly each of them arrives at the conclusion on their own that the value of this data is in many cases, worth more than the value of their own business!
The value of the data is often viewed as a critical asset that can be leveraged to better understand market trends, deliver new solutions, create better customer interactions or limitless other scenarios. This understanding is particularly interesting when we hear very large Enterprise clients come to this conclusion….it can be a very large number.
Recently, I read an article that debated whether data was the new “oil”. The article analyzed the similarities and or disparities between the market value of oil to that of data and how it is mined (drilled), manufactured (refined) and brought to market (traded at value). It was argued that data was not similar to that of oil. Data that is created by or affected by AI is different to that of oil as oil is a physical thing. It is my belief that AI driven data is actually the new “currency”.
I don’t mean to necessarily suggest AI driven data is going to become a cryptocurrency. However, despite my view on this, we have heard some clients share that they wish to leverage their data to the market in a way that could be considered a “currency” that could be exchanged for goods or services. It is the combination of this view of data as a potential currency and the extreme view of the value of the data that drives me to the conclusion that actually….Data is King!
It is really exciting to see the evolution and adoption of Enterprise strategies that now are including AI and the drive to fully leverage data like never before….