Having data is an ideal starting place for the Digitial Economy..

The digital economy is not possible without any data, but you can still play a significant part by having access to data. However, you need “big data” to start to find the interesting patterns and the insights that are going to make a real difference. So IBM’s announcement to acquire the Weather.com’s digital business should be no surprise.

Weather can often allow new levels of automated optimization that previously unimaginable. We can all image the retailing examples, however the manufactures being able to tune assembly lines based on weather create fascinating opportunities.

I look forward to seeing these new uses emerge in the near future.

Here are a few of the articles in the press that I found interesting background.








Is Blockchain the next digital economy platform?

As we see the exponential rise in the use of blockchain technologies, many are asking is this the next digital economy platform. So before we can answer this question we need a structure for the types of digital economy platforms. The 5 New Patterns for Innovation provides a framework exploring the potential value.

Pattern Role of Blockchain Value to be captured
Product Augmentation Capture history of product design, manufacture and usage Product enhancement, offer services to enhance product experience
Codify Services Capture audit trail of usage Limited value – possibly simplify billing
Interconnect Industries Be the trusted platform to share data across the industries Optimisation of the interactions by removing friction
Trade Data Capture audit trail of how insights were derived Could create
Digitise Assets Capture audit trail of usage Limited value..

In essence the blockchain has most value in creating an open trusted ledger for interactions that span multiple organisation boundaries. The analysis published in the “4 Trillion Dollar Challenge” provides a view of the industries where there is potential value from the blockchain technologies. This leads me to believe that blockchain is likely to disrupt many if not all interactions across multiple organisations and so is likely to be a s very significant platform in the digital economy in the future.

Will the real Data Scientist Stand up

Will the real Data Scientist Stand up

The role of a Data Scientist is gathering momentum and a search for data scientist courses reveals 100s of MSc programmes. When you think about the role of a data scientist in a real project it is much less clear. It tends to be more helpful to think about the five steps of:

  1. Data capture or storage
  2. Data Analysis to derive insights
  3. Data Models to identify the underlying patterns across multiple data domains
  4. Data Security/privacy/ethics
  5. Actions – how to apply the evidence from the data to create the right business outcomes

As we think about these 5 steps, there are very different skills and tools use by these data scientists. So can one data scientist cover all these aspects? Do we need to break the role of the data scientist into more granular levels aligned to these kinds of steps?