You've probably been hearing a lot about Big Data; huge databases accumulated by companies. The challenge is to make sense of that data in ways that personalize the experience for consumers and sell more stuff.
The other faster moving data trend is collecting different sets of data, linking them and automating them to serve specific purposes. A huge number of start-ups are based on this premise. They use Facebook, as the database of choice because it’s rich (and getting richer each day) in personal information and because Facebook has made it easy and cheap for developers to get access to its data.
Imagine a travel company that uses your Facebook info (posts, photos, apps, games) to figure out what kind of traveler you are. They know or can infer who you are, where you went, whom you went with and what you did there. Then they marry your info to a database of travel locations and deals and serve you up offers that match your style and your inferred budget.
The richer the data sets; the richer the value to you and to them. The underlying assumption is that people will appreciate data mash-ups because it will yield more personal, relevant and valuable ways to enrich our lives expand our connections one to each other and make our money go further. At the moment this might seem, far-fetched. But when you realize that more than 25% of the population has always lived with the Internet and is very comfortable with living out loud, sharing their actions and ideas publicly and is quickly embracing the latest technology, you can begin to see the near-term future.
The use of data is simultaneously creepy and useful. Studies have shown that the vast majority of Americans will trade off private data for utility or value. As data sets automatically talk to each other, this trade-off will be perceived as less scary and more useful. We’ll get used to being cued and prompted easily and quickly.
A principle tool for data collection is your mobile phone. You may not realize it but everything you do with your phone is stored and captured. It’s easy to figure out who you talk to or text, how often, from where and at what times.
Your phone's GPS device records and potentially tracks or monitors your whereabouts and movements. The built-in accelerometer can imply what activities you do, the speed you do it and the likely impact. There are many apps with sensors that measure and record vital stats like blood pressure, heart rate, etc. All of these technologies reveal a great deal about you that could be used to personalize offers and enrich or personalize a brand experience.
This is data arena is where technologists and entrepreneurs are playing today. There will be some horrific privacy breaches and some amazing new gadgets that come out of this tension between privacy and technology.























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