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Algorithmic Economy: Powering the Machine-to-Machine Age Economic Revolution
As technology advances, we are becoming increasingly dependent on algorithms for everything in our lives. Algorithms that can solve our daily problems and tasks will do things like drive vehicles, control drone flight, and order supplies when they run low. Algorithms are defining the future of business and even our everyday lives.
Peter Sondergaard, Senior vice president of Gartner Research, said that “algorithmic business is already here. Can you calculate the value of relationships with three billion people using smartphones? Can you calculate the value of access with 30 billion things? Can you calculate the value of trust in your relationships?… If the most important thing you offer is data, you are in trouble. Big data is not where the value is. Data is certainly necessary, but it is transient. By itself it is not transformative. The organization can view you as the data keeper, but anyone can store data. Anyone can hire someone to store data and even analyze it. Data is inherently dumb. It doesn’t do anything unless you know how to use it and act with it. Algorithm is where the real value lies. Algorithms define action.”
On the topic of security, Sondergaard said “you can’t control the hackers. You can control your own infrastructure by using more automation, more outsourcing, and more network-based algorithms. Simplify your systems. We must move away from trying to achieve the impossible perfect protection, and instead invest in detection and response.”
Sondergaard said that “in 2020, consumers won’t be using apps on their devices; in fact, they will have forgotten about apps. They will rely on virtual assistants in the cloud, things they trust. The post-app era is coming. The algorithmic economy will power the next economic revolution in the machine-to-machine age. Organizations will be valued, not just on their big data, but on the algorithms that turn that data into actions that ultimately impact customers.”
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