NEWS
NEWS
NEWS
Sitting on a goldmine: What a free market for data will mean for businesses | #BigDataSV
The hype around Big Data continues to grow, and we are seeing some applications and use-cases to back it up. However, applying data science to the real world is still a nascent field in technology — so nascent that, according to Ryan Peterson, CTO of Data Republic Pty. Ltd., the most successful companies working with data are only 10 percent of the way there. But in the meantime, he contends that a free market for valuing and exchanging the data we have holds exciting prospects for companies.
Peterson told John Furrier (@furrier) and Jeff Frick (@jefffrick), cohosts of theCUBE, from the SiliconANGLE Media team, that Data Republic’s mission is to take data sharing from the time-consuming peer-to-peer model to a much speedier, centralized marketplace. And that aggregating will help give companies a much clearer picture of their demographic behavior. The conversation took place at the Fairmont San Jose in San Jose, California, where BigDataSV 2016 celebrates #BigDataWeek, including news and events from the #StrataHadoop conference.
To show how aggregating gets you closer the the source, Peterson offered this example: “The fact that you searched for an iPhone on the Internet doesn’t mean that you’re necessarily going to buy one. But the fact that you bought one means that you bought one. So I’m going to the actual banking data.”
A new line on the P&L report
Peterson shared a story about Ceasar’s Entertainment filing for bankruptcy only to find out later that its data was worth a billion dollars. Peterson doubted whether the company would ever have filed for bankruptcy if it had known the value of its data. He predicted that many companies will be similarly surprised once a free market begins to put value on data.
“Imagine in the future if people start seeing the biggest number on their P&L, the biggest number on their balance sheet being Big Data,” he said.
Watch the full interview below, and be sure to check out more of SiliconANGLE and theCUBE’s coverage of BigDataSV 2016. And make sure to weigh in during theCUBE’s live coverage of the event by joining in on CrowdChat.
Photo by SiliconANGLE
A message from John Furrier, co-founder of SiliconANGLE:
Support our mission to keep content open and free by engaging with theCUBE community. Join theCUBE’s Alumni Trust Network, where technology leaders connect, share intelligence and create opportunities.
- 15M+ viewers of theCUBE videos, powering conversations across AI, cloud, cybersecurity and more
- 11.4k+ theCUBE alumni — Connect with more than 11,400 tech and business leaders shaping the future through a unique trusted-based network.
About SiliconANGLE Media
SiliconANGLE Media is a recognized leader in digital media innovation, uniting breakthrough technology, strategic insights and real-time audience engagement. As the parent company of SiliconANGLE, theCUBE Network, theCUBE Research, CUBE365, theCUBE AI and theCUBE SuperStudios — with flagship locations in Silicon Valley and the New York Stock Exchange — SiliconANGLE Media operates at the intersection of media, technology and AI.
Founded by tech visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a dynamic ecosystem of industry-leading digital media brands that reach 15+ million elite tech professionals. Our new proprietary theCUBE AI Video Cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.
