Episode #434: Why data is the new oil – with Dan Foreman of Lumi Mobile
Is data the new oil? Picture taping into a deposit of raw crude, the earth rumbling and then erupting with black gold – spraying everywhere and on everything. Data is exactly like that oil spewing from the earth which seemed, at one point, abundant. When oil gushes it seems to be an endless supply of a natural resource but we know that not to be true. There are constraints on our ability to capture the crude, refine it, transport it and sell it. There seems to be a finite amount of this stuff on our planet and when it is gone well, it is gone — hence why we pay so much for a gallon or litre – pure supply and demand.
Data’s value isn’t in the amount available – that seems to be infinite – rather it is in the finite amount of time the data can be used to create value. This is what makes data so important to most businesses, this is also what makes it confusing to most businesses. When oil is discovered there is a process for extraction. When data is collected there is quite often no strategy for using it before it expires. We collect more than we need and fail to leverage it quickly making the investment in its collection a waste. Mobile has opened an opportunity to get a glimpse into real human behaviour – personalized beyond anyone’s imagination just 10 years ago – but it also requires a concrete strategy and a diligent focus on the outcome in order to succeed.
To explore this huge shift in the ease and availability of data is Dan Foreman, Head of Business Development for mobile data collection company, Lumi Mobile. This episode is part educational, part tactical and part theoretical with a glimpse of the future thrown in for good measure. You will gain insight into how the data collection and surveying industry has modified their businesses in order to adopt mobile technologies, the concept of data spoilage and how to avoid that by choosing your key collection metric and what “passive data collection” means to the future of traditional surveys.
As an industry, data collection companies have seen sweeping changes over the past 15 years – from the PC revolution to the web revolution and now mobile. The thing that struck me most throughout this conversation is the sheer adaptability of the industry as a whole. There is disruption happening and incumbents will fail as upstarts like Lumi emerge, but they are a resilient bunch and Dan shows us clearly why that is.
Here is a quick reference of what we covered in the show. Click on the link and the video will take you to that clip
1. What is Lumi Mobile 1:30
2. What is ESOMAR 2:25
3. How did you go from a potential Lumi customer to employee? 5:00
4. How has mobile changed the data collection industry 7:47
5. What about reach – has mobile enhanced it? 10:55
6. Has the type of data we collect changed due to mobile? 14:00
7. Has mobile enhanced data collection or hindered it? 17:00
8. How does the way people want to be portrayed impact mobile market research 20:25
9. Can the convenience of data collection through mobile taint data by collecting too much 25:30
10. What is the first step to take for data collection through mobile 28:30
11. Is there a type of data that mobile is ideally suited to collect 31:00
12. Will mobile bring on the death of the survey? 36:25
13. Where do companies start in order to leverage data 39:45
14. Predictions for the future of market research companies? 42:45
15. What are the challenges to achieve this vision? 46:15
16. Is society relying too much on surveys and data? 48:50
17. What will you be talking about at MRMW 52:45
About Dan Foreman
Dan Foreman has been in the research business for 20 years, building businesses across Europe, Asia-Pacific and The Americas. He specialises in emerging technologies and developing markets. Dan is the elected President of ESOMAR for the term 2013-14. Outside of research, Dan is a Non-Executive Director of a publishing business and a precision engineering company. He lives in Royal Tunbridge Wells with his wife and 2 children. Dan has been with Lumi since 2012.