ata [Information] Capital. Big Word.
In management Information Capital usually described as a set of data which are valuable for organization and can be reached through different data storing systems, such as intro and internet systems, computer databases, libraries, information sharing networks and many others. – Wikipedia
Whether it be from legacy systems, current systems, apps, cell and satellite towers, game consoles, or POS systems, the accumulation and aggregation of data is golden. Companies like Google, Amazon, LinkedIn, Alibaba, and many other giants have been built on the very foundation of it.
So why not start accumulating and selling data capital from your small or medium enterprise. It could be worth millions to others in the supply chain. Let me explain.
A friend of mine and his wife recently sold their condo property via a realtor. Once the transaction was complete and posted on the realtor website as sold, something happened. His mailbox (physical snail mail) was inundated with advertising from local moving companies. Magic? No. Data Capital. Yes.
Q: How did the data point (property sold with physical address) get to the moving companies?
It’s actually quite easy. Most HTML sites are built with code and data tables. I, as a data analyst using run-of-the-mill powerful software with SQL SSAS running quietly in the background can extract and crunch millions of data records from most any website property. All from the comfort of my own home laptop.
The Process
- Webscrape (with data tools) realtor company listings websites
- Compile the list of properties for sale
- Re-scrape the same tables 2 weeks later
- Cross tabulate and reference the changes to the lists
Presto! Chances are you now have a list of properties that were sold in the past two weeks. Sell that address data to moving companies, and you just generated revenue via a new business model of collecting and aggregating data.
Mash up the data you just acquired with other data you acquire or freely available open data sources and you have just entered the world of data science. The important word to remember here is creativity. Technical aptitudes without creativity are null, and vice-versa.
For some prime examples of how the aggregation of different data sources can add value and create data capital please read:
Data Mentors:
“Data-as-a-Service Real-Life Examples of Companies Who are Using DaaS to Boost Revenue”
Large Scale
On a much larger scope and scale, the explosion of IoT (Internet of Things) is revolutionizing data driven business models in all segments. GE for example, the traditional manufacturer of industrial equipment, is using the data produced by the connections to it’s physical assets to generate upwards of $1B in addtional annual revenue. You can read more about that on our Buisness page under “Corporate”.
“GE Generates $1B Revenue From Big Data”
How can your small and medium size business create and use data capital for revenue?
Thanks for reading. Comments and Ideas welcome.
