H ave you seen the t-shirts? If you live in Seattle, they can be spotted in popular happy hour spots worn proudly by the millennials of tech.
The origins of this saying reportedly come from a quote by Microsoft’s CEO Satya Nadella, where he said, “Data is the real currency of your company.” You can easily order your own t-shirt from Amazon, not surprising as Amazon is one of the leading companies to leverage the explosive growth of data to deliver value to their customers and generate revenue… or “bring home the bacon.”
I’m not quite sure how I feel about wearing the shirt to my next happy hour, but I do agree that data is the new bacon, and would like to add a twist that we see with our customers at Quantum.
Currency of data isn’t so much about plain data; it’s more specifically about metadata. Maybe this is the chocolate covered bacon?
Metadata: A set of data that describes and gives information about other data—specifically in this scenario, data that describes unstructured data.
Unstructured Data: Information that does not have a predefined data model, such as video content, photos, engineering files, research data, sensor data (IoT), social media content, etc.
90% of the world’s data is digital—and created in the past 24 months.
20% of this is big data.
80% is big content.
Why does that matter? Big data is structured, making it easy to analyze and understand its value. Big content is unstructured, which makes it much more difficult to determine the value and add organization so it can be used in a purposeful way. Hence the need for metadata—to describe, organize, and analyze big content allowing companies to leverage their data to “bring home the bacon.”
We have an unhealthy obsession with data.
Unlike the millennial obsession around avocado toast, the data = bacon idea demonstrates the fact that we have “literally an unhealthy obsession with data right now” as stated by Aaron Fetters, director of KNA insights and analytics solutions at Kellogg. As the mastermind behind the advertising spend of this cereal and snack food giant, Fetters explains the current obsession of marketers and their ability to leverage digital content to reach the right audience. This rampant creation of digital content produces an even greater need to analyze its effectiveness, and organize/archive in a way companies can efficiently manage.
We see this effect not only on the corporate side, but also with media and entertainment. Media companies are investing in a big way to place analytics behind the digital content they are producing, and the demographics of those consuming the content, to offer better ROI for advertisers.
Ability to analyze, store, and archive unstructured data delivers true $$bacon for companies.
Artificial intelligence (AI) refers to the ability of machines to possess intelligence similar to humans by learning from algorithms that discover patterns and general insights from data for future decision making and predictions. This intelligence about data is used in multiple industries:
- Advertising—quick recall of archived data for relevant content that relates to an historical situation; analytics to target advertising and enable companies investing in advertising to reach their target market more effectively
- Legal—ability to scan through large amounts of video and photo evidence to find and use as evidence in court cases
- Politics—scanning real-time data of local perception and knowledge to shape campaign messaging
These examples are just a few of the reasons companies are seeking the “bacon” to get intelligence from their data. Quantum and Veritone have partnered to provide an on-premise aiWARE offering to give companies the ability to:
- Unlock value of their data with AI operating at scale
- Leverage Veritone’s open platform to use the best choice of multiple cognitive engines for analysis
- Keep valuable content on-premise for security purposes or tier to the cloud as necessary
- Manage data using Quantum’s scale-out storage to keep data on the most efficient platform and seamlessly archive