While you may be a follower of big data, the open data mandate may have passed your notice but it's not too late to seize the opportunity. This represents one of the largest revenue opportunities for big data and businesses.
On May 9, 2013, President Obama signed an Executive Order making open and machine readable the new default format in the US Government. This mandate implies that, going forward, newly generated government data shall be made freely available in open, machine-readable formats from 10,000 federal systems. Data will be pouring into the public domain from weather, health, transport, building, air and trade systems to name just a few.
A similar milestone occurred not too long ago and innovators and entrepreneurs jumped at the opportunity. On September 5, 1983, President Ronald Reagan opened the GPS constellation of navigation satellites for civilian use, as an outcome of the Korean Airlines 007 tragedy and by 1989, Magellen released the first GPS for commercial use. Twenty-five years later, GPS has become a ubiquitous service in our cars, trucks and airplanes and fostered hundreds of companies and thousands of jobs. While the consumer benefits are immeasurable, it has a direct economic impact on commercial GPS users of $67.7 billion per year in the United States. It has also led to the creation of 130,000 jobs in GPS manufacturing industries and 3.2 million in the downstream commercial GPS-intensive industries. When penetration of GPS technology reaches 100% in the commercial GSP-intensive industries, it will create $122.4 billion in economic benefit per year. Learn more.
Data deja vu
The importance of this event cannot be overstated as millions of new information assets have been introduced into the public domain to be analyzed and/or monetized. This requirement will help the Federal government achieve the goal of making troves of previously inaccessible or unmanageable data easily available to entrepreneurs, innovators, researchers, and others who can use those data to generate new products and services, build businesses, and create jobs. Current estimates from McKinsey Global institute indicate this use of open data could lead to the creation of $3 trillion or more in annual value across the global economy.
Open to Opportunity
Making huge troves of data available for the organizational to leverage is certainly on every company's radar. However, some of this data will need to be cleaned up and many organizations lack the tools and skills to fully exploit this opportunity. There is a gap between open and capable. Fortunately, IBM offers solutions for small, medium and large businesses and their data.
Click here to learn more about IBM Business Intelligence Pattern with BLU Acceleration.