easy, actionable tactics for your business daily
Sitting on a data mine
330 words | reading time 01:30
Gold is sold by the troy ounce, which is 10% heavier than an avoirdupois ounce; that is 31.10g vs. 28.35g (you should follow the links, it’s fascinating!)
Gold’s current price is $1,268.60 per troy ounce, with an all time high of almost $2,060 on February, 1980. Its value is rooted in the relative rarity and distinctive color of its purest form. Entire economies have based their unity of account based on a fixed standard of the metal.
Even though the expression ‘sitting on a gold mine’ possibly originated by someone literally sitting on a mine of a precious mineral and suddenly discovering it, you can also argue it just refers to someone possessing something of great value without knowing or, more importantly, understanding it.
I’ve heard the same expression when referring to underutilized data in organizations. Ever since, I thought the capabilities, both intellectual and technical, to collect, cleanse, store, improve and analyse datasets were beyond reach and that excused the stagnant situation. As extracting it from its ores, gold industry is also not an easy task for the uninitiated.
I heard the expression again 2 weeks ago, in a talk about Big and Small data analytics. The fact that so many resources are available now for businesses and governments to reap the benefits of the data that silently lies beneath the foundation of their organizations motivates me. And I know it motivates you too.
It is now or never. Now that innovation is a mandate, data is the kindling to ignite that fire. The very hyped Bitcoin, for example, the original successful convergence of those seemingly unrelated concepts: data and mining, is just another signal for you to act asap. Data is more valuable, abundant, malleable and ductile than gold.
Do you feel your sit getting colder or losing its softness? It’s the data you are sitting on, and it’s getting more valuable by the minute. I can help you with getting it to the market. Reclaim that value now! Δ