Yeah, we’re all watching it happen, trying to capitalize on it. More information is not better information. People more & more are lazy-ing themselves out of making any risky decisions. They want the same kind of assurances a conference room full of yes men and stakeholders would give them: Blame Management. As long as there is at least 1 person to blame if it is a bad decision (that is not you), then they say yes.
But now there is/are magnitudes more info (or rather data) for a single person to go through, and even the yes-men can’t go through it if pieced up-even if it could be pieced up. So what kind of decisions are there? 3 kinds, for us entrepreneur types:
Personal: What products do I buy when filling up, or going to the grocery store? Think “consumer”.
Job/Productivity: What stock should I buy/sell? Which job is best for me to move to (a combination of Personal)? Where should I be investing? Is my 401k performing properly/well for this market?
Commercial: (think “provider”) Should I buy more widgets and stock-pile, or will their price go down in a few weeks and I should buy then? Is my company’s valuation going up or down? Where is productivity/efficiency (think “BI”, or “Green/Yellow/Red”, or “Executive Dashboard”, etc.)?
In all three “horizontals”, the data & information available to use in making these decisions is doubling every few months. It used to be that storage (cost) was the holdup, but now it is simply what some early adopters called “data mining”, which is a very poor way of going about it, but it is buzzword-worthy.
So what would you do (on any of the 3 levels) if you had all the information you needed, but it was somewhere in a mass of data that has more words than have ever been written by all humans across all time, and is getting bigger every day? You would want only one thing, and that one thing is the target of anyone ahead of this curve:
Making data into usable, actionable information.
If you didn’t know this 2-3 years ago, you’re already too late.