Move over, big data?

We thought this description by Deloitte of the digitization of industries was interesting, as it looks at the role of the consumer in the ongoing transformation to a more digital economy.

Big Data has been the big buzzword in recent years, but even it is seeing a disruption of sorts, as the focus turns to iData - data related to the individual. Deloitte believes that iData should be at the forefront of business operations. According to the consultancy group, technology adoption has reached a tipping point, where individuals are no longer considered passive spectators, but are becoming increasingly active participants in the industrial process, "becoming inseparable from ‘producers’ of content, data and even physical products." This is driving the personalization and customization of products and manufacturers are altering business models to benefit from the product-as-a-service concept, as is the case with companies like Airbnb and Uber. However, for most companies, the challenge with iData is how to source, organize and present it in a fashion that is acceptable to the individual.

Image source: Deloitte

 

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