Jan Bosch is a research center director, professor, consultant and angel investor in start-ups. You can contact him at jan@janbosch.com.

Opinion

How clean is your data?

Leestijd: 3 minuten

One of the sayings that almost everyone in business has taken to heart is “data is the new oil” by Clive Humby. There are constant discussions about data ownership between end customers and product providers, as well as between OEMs and their suppliers. The first start-ups are now trying to advise companies on how to monetize their data, as well as creating commercial marketplaces for data sets and data streams.

Data indeed is very important as it allows for a number of changes in the way we operate. First, rather than basing ourselves on opinions, it allows us to make data-driven decisions. A clear example of this is the use of A/B testing in online companies where every product decision, big or small, is first tested with thousands or millions of customers before committing to it. Second, machine- and deep-learning models typically need large amounts of training and validation data. For all the interest in “one-shot learning” and related approaches in the data science community, the fact is that almost all industrial work in the community is supervised learning using lots and lots of data. Third, in the cases where the data from your primary customer base is relevant for another set of customers, it allows you to build a multi-sided ecosystem approach.

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