Independent consultant Andreas Weigend joins our experts discussing the untapped potential of data analysis in medicine, education, and elsewhere, along with the pitfalls that may lie ahead.
You’ve compared big data to oil.
If you find raw oil in your backyard, it’s probably not that useful. You need to refine the raw materials in order to get something that people need. Raw data is not that useful, either. Examples of data refineries would be Amazon or Google. A big difference, of course, is that we’re not going to run out of data anytime soon, as far as I know. So in terms of pricing, there are interesting implications of information products vs. oil products.
