If Data is the new currency, which Bank should you trust?
By Mark Hardy, Managing Director at Capula
I don’t know about you, but I’ve been with my bank for over 30 years and I know I’m not the only one. I recently read an article that stated statistically you are more likely to get divorced than change banks! It’s an odd fact that in a world where we regularly now change insurance providers or energy supplier we seem to cling on to our legacy banking arrangements. There are various reasons for this but an underlying assumption is that banks are to be trusted, they are safe and they will look after your money. So I remain with my bank despite recent history proving that those fundamental underlying assumptions aren’t always true, witness the collapses, the subprime issues and the PPI miss-selling saga.
Why am I thinking about banking arrangements? Well, to be honest my bank has announced a merger and I’m wondering what effect this may have and should I be thinking about putting my money elsewhere anyway. Also, while attending an industry event last week (thanks to Siemens by the way) a member on the ‘industry experts’ panel made a statement that I recently keep hearing, he said “Data is the new currency”. That got me thinking….
It’s no wonder major technology vendors are eager to launch and promote their software platforms and particularly the cloud based IIoT data platforms. They want your data, they want you to entrust your hard earned currency with them (for a fee of course). Once you have stored your data with them you get the opportunity to use a variety of tools that will enhance your organisation’s performance, similar to investing in banking products. I’m guessing they are then relying on a similar principal to the banks in that you will stick with them for years to come.
BUT there is a fundamental flaw in this analogy. Banks understand money, they understand exchange rates, interest rates and other contextual matters related directly to the appliance of money. Does your technology vendor understand your data? Really?
You see, data without context is just data. A group of our engineers recently attended a “hackathon” where a utility provider gave their data to the participants and challenged them to come up with insight. I met with the guys after and asked how it went, it transpired that our team arrived at some genuine insight into how the company could potentially maximise its use of renewable energy in order to meet its targets. When I asked about the event in general they said other teams, particularly from academia and larger infrastructure companies struggled because they needed help to understand what the data actually meant.
My conclusion then is that data without context isn’t really the same as currency, to turn it into currency you need context and that’s why you need to think very carefully to whom you entrust your data. At Capula we have developed and continue to enhance a suite of software called OPUS that not only acts as an IIoT platform but which is tested in real life applications and provides true insight. This is based on over 40 years of experience in the industrial sector and a real understanding of the challenges that manufacturers and critical infrastructure face.
So we really understand how your data can optimise your operations and whats more, we’re extremely vigilant about all things cyber security related. We have to be because our enviable track record is built on trust.
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