“Data is the new oil” is an oft-repeated phrase. But when was the last time you went out and bought a barrel of crude oil? The value to consumers is in the refined product: gasoline. With data, the refined product is information – the distilled and actionable essence of multiple sources of raw data. So, if “data is the new oil” then “information is the new gasoline”.
There’s a lot of data out there and IoT is going to increase it greatly. For large organizations, refining Big Data stores is a significant challenge. This is partly because data doesn’t start out big but gets collected from lots of relatively small sources. Also, data seldom arrives in the right format for sharing and monetization. Furthermore, responsibility for securing and managing data is not always in the same hands as responsibility for sharing data.
We have explored some of these issues in recent blog posts like Was is DaaS? and How APIs Grease the Data Wheels. In tomorrow’s webinar, Intelligent APIs for Big Data & IoT, Matt McLarty and I will try to bring it all together and talk about how APIs are becoming the pipelines and tankers that move the gasoline from its source to the user.