- Value a different set of skills – Beyond specific roles, people with the ability to interpret data and make it actionable — who can answer the “why” to big data’s “what” — will be of particular value to employers. They also can’t be replaced by robots.
- Unlock new markets – Identify the opportunities that were previously closed due to a lack of information. Airbnb’s example is telling, since the startup was able to identify a home rental market that had long been stagnant due to a lack of trust, which in turn was the product of scarce information on the product being sold, and find value in spare assets.
- Steward your data – Companies should be aware of their role as trustees of data and identify risks in their data assets. Customers have entrusted their data to those they engage with their business. Absent the abuse of user data or clear harms, there can and should be a large scope for consumer-friendly innovation.
- Make small data a competitive advantage – Just as the Internet of Things breaks connectivity down to its constituent parts, small datasets from smart devices with specific attributes will become increasingly valuable. Democratized information increasingly demands individualized service that large, more centralized datasets are ill-suited to provide.