The last time this statement was true was in the 1800s when the first data companies came about. Just like bell bottom jeans, this trend may also be coming around. The average Business Leader, CXO and wisdom guru have long spoken about data having lots of value… but increasingly low costs. Like the article below states, this has rapidly changed for some of the largest companies in the world. My sense is that smaller organizations and retail users are already beginning to feel the pinch. While data may in itself be abundant (if somewhat dirty or loopy), the ecosystem – technology, hardware, investor pressure, regulations and data privacy – has led to a massive jump in costs, over the last 5 years. These costs are expected to steadily grow. This is because while most data may be inexpensive but the tools required to make it work are many – cloud, storage, processing, analytics, visualization, database, transformation, validation, cleanup, reporting etc. What this means, is that what most of us assume to be the cost of data, is actually just the tip of the iceberg. Business leaders must therefore be aware and budget for data initiatives with this paradigm shift in mind. Data is cheap. It’s application is expensive.
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