Well over a century ago oil drove the development of innovations such as the internal combustion engine, central heating and plastics, changing our world and our economy. Oil, as a technology, fuelled an economic force that inexorably changed the way people lived and worked. Today, data is fuelling a very similar change: it is the driving force for new business models and disruptive technologies that impact companies in every imaginable industry.
In The New Oil, Arent van 't Spijker explains how companies such as Google, Nike and Xiaomi are leveraging a 'Data Driven Strategy' to turn data into profit. Many other examples highlight the applications and commercial potential for data. Van 't Spijker describes five typical business models for monetising data that help you to develop viable business models for leveraging data in your own company. He then shows how to successfully put these business models to practice.
The book is split into three parts:
- The first part shows how societal and technological changes have turned businesses and individuals into new data consumers and data into a valuable asset.
- The second part shows how various business models allow organizations to best leverage the value that data creates in these new markets.
- The third part explains how successful companies put these business models to practice and combine new data driven ventures with their existing business.