Profiting from the Data Economy: Understanding the Roles of Consumers, Innovators and Regulators in a Data-Driven World

3. Refining Practice

With many cases of companies that have been built by fully leveraging consumer data, whether the data are generated by the same company or by other organizations, it’s easy to lose sight of the ways in which the data-rich environment has contributed to the growth of existing businesses. For example, look at the way in which the Ritz-Carlton and other high-end properties cater to their guests. In the past, these hotels might rely on the information that had been collected by the staff over the years. A long-time manager of the property might recognize a business traveler who stays at the hotel each time he is in town. The concierge might have a sense for the restaurants and activities that he prefers. The housekeepers might ...