Tap into a $5 Trillion Market with Liquid Information

While big data dominates the headlines, open data is quietly becoming a force in its own right—a force that could reach $ 5 trillion annually in potential value. Open data, also known as “liquid information,” is data available for anyone to use, reuse and distribute for free. It can be defined as machine-readable and accessible through an application programming interface (API).

Performing analytics on this information lets organizations identify anomalies in costs and variations in performance that can lead to new and improved products and operations. For example, one company integrated 30 years of weather data, 60 years of crop information and 14 terabytes of soil data—free government information—to help farmers around the globe make data-based decisions for their operations.

With approximately 60 nations releasing 1 million data sets, companies can capitalize on the information to improve benchmarking, planning and other business functions. Organizations can also release their own data, which can be shared and integrated with other information to identify new revenue sources, support new business practices and promote innovation.

Brett Martin
Editor in Chief
Teradata Magazine

 

 

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