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Technology: Algorithm-driven Disruption is Popping up Everywhere
Increasingly everything that we either do or that affects us is being driven by data. What’s driving the growth for many new and existing businesses is a focus on digital assets. These businesses make their money by triangulating data points, creating detailed composite profiles of their users, their likes and their dislikes. Examples of these kind of businesses include Google, Facebook, Amazon and Netflix.
And it’s not just limited to high tech. In the Financial industry, Tom Loverro, Vice President at Institutional Venture Partners, said that “algorithm-driven disruption is occurring everywhere from wealth management to lending and just about everywhere in between.”
The economic value that can be generated by gathering large masses of data and devising algorithms to analyze that data is being called the “Algorithm Economy“.
In the very near future, Peter Sondergaard, senior vice president at Gartner, said that “products will be defined by the sophistication of their algorithms. Organizations will be valued based not just on their big data, but the algorithms that turn that data into actions and ultimately customer impact. The bottom line is that CEOs should focus now on their proprietary algorithms, not just their big data.”
