- 10/16/2012 6:16:01 PM
Analogous to domain squatting - that is great! Data prospectors and venture capitalists are not far behind. If the data has projected value (especially genetic data), then it would make sense to hoard it. Having that kind of information would be worth a lot because pharmaceuticals spend a lot on clinical trials. Being able to simulate or predict the effects of a drug based on a genetic profile means no usage of human subjects. If a disease or illness is associated with a particular genetic map and if a compound is found to be safe, effacacious and profitable, then having access to a genetic database would be very valuable. I would see that as need and not greed (unless one is greedy for money - but that is another discussion ...)
- 10/16/2012 6:06:53 PM
Thanks! With Big Data showing up everywhere these days, I think it will pass the tipping point pretty soon and not be seen as the wonder drug (although it may be a gateway drug). One of the trends (just read this in Nate Silver's Signal to Noise) is that you can by pass theory-based predictive analysis by gathering more reality-based data. In that light, Big Data can have more predictive usage, but the key thing is the quality and time synchronization of the data components.
- 10/16/2012 6:01:48 PM
Thanks! Actually, I am reading a new book by Nate Silver (Signal to Noise) who suggests that Big Data can be taken seriously, but not too seriously right now because the availability of more data does not guarantee better discoveries. The Big Data noise does not produce the equivalent signal.
- by louisw900, Blogger
- 10/14/2012 9:16:18 PM
@Noreen @Cordell Good points, I had not consider the hoarding aspect of this Big Data push. I think it is a risky move for most, I mean do they just capture data in hopes that it has some revenue producing meaning ?
Sort of like "domain squatting", I would imagine.
- 10/13/2012 5:55:31 PM
Exactly! I responded to Cordell using that idea without having noticed that you mentioned it also. They will probably be featured on the show mentioned here:
Yeah, that would be funny if what was cool takes on a negative image. Might be fun and Beth/you ask folks to submit ideas for a new show:
- Data Hoarders of Wall Street
- Big Data - Pry it from my cold dead hands
- Data Obesity - Risk Factors and Tips for Better Data Health
- Data Hoarders Anonymous/Help I am hooked on terabytes!
- Data Hoarder Wives of Los Angeles
- Big Data - Size Matters (this is one for adult audiences at 2AM on cable)
- 10/13/2012 5:41:25 PM
I've heard people use the term 'data assets', but that would only be applicable if the data have reasonable longevity and a potential for being reused. A lot of the marketers and business development folks use that phrase, but it assumes that the data are like wine and not milk. Both wine and milk are liquids fit for human consumption. The tricky thing is that each is affected differently by time. Time enhances the value of wine and has catastrophic effects on milk. In like manner, organizations may try a gold rush, but they will have to give storage area the sniff test. That is why the Census Bureau refreshes the data it collects from the public; likewise for other federal statistical agencies - the shelf life of data is not forever. People are getting excited over big data, bu you cannot mash it all together without time synchronization - if the data elements represent different points in time, you can analyze it all together, but it won't have much interpretive value. Will you discover new information - yes; will it be true information - highly questionable.
Yes, if someone can get management to drink the kool aid and grab all of the data that's out there, then sure. But what data retains its value for a long time? Names, addresses, ethnicity, height, date of birth, gender. The really interesting data has to be refreshed. So yes, a data grab would make good business sense if the grab includes maintenance - i.e., updating the data values. From a different perspective, if one is doing longitudinal analyses, trends, time series stuff - then yes - a data grab makes sense. The natural scientists make their living at this. But a grab for greed and not for need without consideration for the length of usefulness is as you say 'hosted storage' . I would use the term 'data hoarding' but that sounds like the name of an analytics reality show ....
- by Noreen Seebacher, Blogger
- 10/12/2012 9:20:25 AM
Any commodity with potential value will, at one point or another, be horded. And now that big-data has been described as "the new oil," that day cannot be far behind.
- by Cordell, Blogger
- 10/12/2012 1:50:54 AM
Love the term "Data Museum". I remember my first job our company had invested in a data warehouse and I was very excited to start slicing and dicing data. The technology however just wasn't up to the task. It took so long to do anything we gave up. Maybe it was just an idea ahead of it's time.
Another thought. If organizations truly start to see their data as an asset, are we entering a data gold rush? Will we see startups spring up just to hoard data so they can resell it later? Oh, they'll call it "hosted storage" or something pallatible but it's really just a data land grab.
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- by James M. Connolly