Skip to 0 minutes and 8 secondsIn the last few years, a lot of the data generated by the Internet has been proprietary. It's been the basis of the business models of companies like Google and Facebook. I think we're now moving into an era where much more about data has to be made open. Partly so that the people feel they have ownership on it, but partly to generate new innovation. A good example of that are the Open Data Challenges which we run here at Nesta, which take parts of public data-- things like school records, or it could be housing records, or energy usage patterns-- and open up to anyone to find innovative ways of generating value out of linking those data sets with other data sets.
Skip to 0 minutes and 45 secondsAnd that's a hugely productive trend happening all over the world. There's a commercial side of that, with for example the banks, requiring the banks to open up with open APIs some of the data you have in your own accounts so that you can manipulate that and, again, link it up to other programmes in new ways. And I think we'll see this happening-- I hope we'll see this happening around the IoT and things like energy, where it becomes the default the data should be relatively open, relatively easy for you the user to manipulate use in different ways and for other firms, other NGOs and so on to cross correlate data.
Skip to 1 minute and 21 secondsBecause the huge value of data is when you connect different data sets together and you see new patterns and can offer new services And we're only just scraping the surface of the potential of doing that. So with the Internet of Things, there are new value chains. Normally what we think about is connectivity and the value that that creates. But now there’ll be value for people at the ends of the value chain and also value from the data which is actually transmitted backwards and forwards. So we are now aware of data analytics, data mining and so on-- we need to make sure we get the best of the data that flows to things.
Skip to 1 minute and 56 secondsWe need to make sure that the data is secure. We need to respect people's privacy. I think all those things will come. We just need to, as an industry, get on and make it happen.
Expert experiences: open data and data analytics
In this video, Geoff Mulgan and John Cunliffe discuss data analytics, including the concept of ‘Open Data’ which is the concept of making data publicly available. Open Data facilitates the sharing of data leading to larger volumes and variety of data; this, in turn, forms the basis for Big Data approaches.
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