Let us zoom out for a bit from the Covid-19 pandemic and assess our perspective in this way. Think about it how consumers worldwide have accelerated their adoption of underlying tech trends. From Ecommerce & streaming services over the roof of growth to contactless payments and videoconferencing, now what do all these technologies have in common? Answer: They were already in the growth curve, but the pandemic fast-forwarded us all into the future.
There is another phenomenon that has become part of our daily lives ever since the first steps of the pandemic, that is data. They are widely distributed in the population, on a daily basis people stream, search and wait for the first thing is to see is data that is all over the news. How many cases today? How is the “curve” changing? What does the forecast say on “opening” the economy?
We are witnessing such occasion for the first time, never has data been the headline for every single day and there are various applications of their power. From location services showcasing the pandemic spread and demographic data used to understand the infection and the death rates across the population, when collected and used correctly they can drive societal benefits and improve further decision making.
More and more companies are now realizing how their data assets can benefit research and combating the global pandemic. A good example of such practice is Homebase, a simple planning platform for SMEs that is exposing data to update on the impact that the pandemic has to the US small businesses. We are exposed to data, information, ratios and metrics everywhere with public and private institutions both leveraging the power of data it is easy to claim that they are no longer considered the marketer’s weapon.
When the economy is in a low curve, companies slow down their flows of cost all the way for both capital spending and hiring. However, data sharing can not only be at a very low cost and it can actually boost the company’s revenue. Companies like Amazon and Snowflake have launched data exchanges to streamline data sales and sharing. The returns on data sharing and sales can be immense, both in terms of revenue and value received for the use of data.
For example, let us say that a a company shares its data to with travel partners for route capacity optimization, a much lower practice than getting new planes or even expanding to new airports. They are an asset without any significant investment of capital.