Why it’s way too early to dismiss big data’s economic impact


The New York Times published an article on Friday asking in its headline whether big data is a economic dud. Numerous quoted professors gave reasons why the analogy of data to oil doesn’t work, nor does the one of data to the electrical grid (and here I thought that analogy was about cloud computing).

All in all, it was kind of foolish. Here’s why.

1. Data is the new oil

Period. End of story. But we shouldn’t conflate data with big data. Data already has had significant effects on business and I can’t imagine anyone really taking issue with that statement. Whether or not it’s “big,” there’s no denying that all successful web companies and most successful companies of all types rely pretty heavily on data to make better decisions around marketing, operations or whatever.

Ask Google, Amazon, Walmart, Disney, GE, Target — and the list could go…

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