In this moment, excerpted from Acceleration Economy’s Cloud Data Strategy digital event, which took place on March 23, Acceleration Economy analyst Wayne Sadin explains why information — data with context — is more valuable than data.
00:34 — “If data is the new oil, cloud data is the new fracking,” says Wayne. With cloud data, there are millions of sources, small vendors, and “places where this all lives.” It is now the job of the “refinery” to bring it all together and “get the pipelines to match.”
00:56 — Continuing the analogy, Wayne suggests that without governance, the oil [cloud data] goes in one end of the pipe and comes out on the ground.” Without an understanding of what data is needed, you may be “getting the wrong grade of oil.”
01:20 — Procurement professionals, especially, must consider the “side effects” of data that is being extracted from the cloud. What are the tolerances? Can the data be collected and used?
02:18 — The challenge with this, says Wayne, is that “we don’t want data.” He adds that he will argue with people who say “we want data,” because people don’t want data. “They want information, which is data with context.”
To gain more insights on the hows and whys of a cloud data strategy’s impact on business processes, view the Acceleration Economy Cloud Data Strategy Digital Summit, which is now available on-demand. Register for your free streaming pass here.