On the Harvard Business blog, Andreas Weigend writes:
During the first data revolution, successful companies gained power by collecting, aggregating, and analyzing the customer data they collected. However, most companies did not know what to do and ended up burying their data in tombs.
Today, the online world has shifted to a model of collaboration and explicit data creation. Successful firms develop systematic ways to encourage and reward users who contribute honest data. A good system does not try to trick customers into revealing demographics or contact information that is useful for the company. Rather, it rewards users with information that is useful to them.
The center of the universe has shifted from e-business to me-business. Customers are also starting to discover and interact with each other. Knowing that they are not alone has shifted the balance of power from companies back to consumers. And they have begun to demand transparency. Customers are beginning to have a voice. They are realizing that the data they voluntarily contribute can help them and others with making decisions, providing true value. In turn, they want to be treated fairly as individuals by the companies they pay attention and money to.
See also: Transparency is the new objectivity.
As the expectations of users change, firms must spend more time developing incentive systems that will entice more users to participate.
See Techdirt's CwF + RtB.
These statements by Andreas Weigend relate back to my article entitled User data is the currency of the web.
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