Original article written for TEDxKEA, available here.
Monetising Big Data
Big data is the word on everyone’s lips. The exponential growth and availability of data has come to play a pivotal role in the manner in which individuals, companies and society at large operate. So what is big data and how exactly is it a game-changer for consumers and businesses alike?
Mathias Lundø Nielsen, a 26-year old serial entrepreneur with a devastatingly effective track record within international e-commerce, might just have the answer. The youngest-ever Scandinavian to be accepted in to Henley’s MBA programme, Mathias’ latest venture is Nustay.com, a tech startup that has received one of the highest-ever valuations of any Danish tech company prior to launch, based on the sole idea of its business model. Making a serious case for disrupting the hotel industry, Nustay epitomises what monetising big data is in practice through matching guests with hotels by ranking them using information such as profiles, interests and past consumption patterns. Advanced algorithms work on producing a match between guests and hotels, creating an experience that is both exceptionally customised and that saves both time and money for customers and hotels alike.
In a world that is replete with data and information overloads, Mathias is determined to demonstrate how and why it makes sense to see big data as a new raw material – a commodity that can and needs to be processed in a way that adds value to our societies. However, in order to derive advantages from big data, we need to know what we are looking for, Mathias points out: “If you’re drilling for oil, you need to know exactly what you are looking for before you begin.” As is the case with oil, big data becomes a commodity only when you know what you will use it for: “You also need to know exactly what your end consumer wants, you should have a very sound knowledge of what your end product is.”
So the question we need to ask ourselves is how do we use what we know more effectively? How do we utilise the endless data at our disposal in a way that meets global and individual needs in a more cost-effective and less time-consuming manner? Let’s talk big data.