- Democratizing information – Information used to be a precious good; now it’s a cheap commodity, and that’s a good thing for consumers and the companies servicing them. Accessibility to data is empowering. The acquisition and spread of knowledge no longer depends on centralized gatekeepers, but on distributed providers.
- Highlighting the customer – Companies can now know what customers think and want — and how to fulfill that. Larger, cheaper datasets and the tools to analyze them are paying dividends. Consumers in turn are living quantified lives.
- Growing assets – Balance sheets will soon have a new line for data stores, while identifying new uses for once latent assets, such as property. Every company is a data company, whether it knows it or not.
- Overthrowing hardware – Data-driven business models are infinitely scalable through software, with higher margins, and can be delivered online and through connected devices. This is one reason why cars are simply smartphones on wheels.
- Lowering startup and operational costs – Existing companies can do more with less, while lowering the barriers to new entrants.