Chapter 1. The Emerging Data Challenge and Opportunity
In 2006, Clive Humby declared, “Data is the new oil,”1 and the power of that quote caught the attention of many business leaders worldwide. Humby was a co-founder of the leading data analytics firm dunnhumby, who in 1994 delivered a revolutionary customer loyalty scheme for a leading British supermarket, Tesco.2 The traditional retailer flourished due to the use of data analytics through customers receiving personalized coupons to spend in stores. dunnhumby had shown the power of data, so when Humby spoke those immortal words, you’d have been wise to listen, and the same is still true today.
The pressure for you to create value from your data didn’t just come from Humby. Conference talks, business publication covers, or management literature may have brought other trends to your attention. Big data, the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI) are all terms that might keep you up at night. The development of terminology about data solutions seems to be increasing at a pace that is matched only by the speed of the technological development powering it.
If you have reached for this book because you feel behind the curve, you match the majority of stakeholders we talk to every day. Everyone seems to fear that their competitors are ahead of them in terms of collecting and utilizing their data. If you are already utilizing data, you may fear your competitors are using data in a more advanced ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access