Big data can enable some very fundamental business model shifts thereby unlocking big value. I am cataloging here, in a series of posts, what might appear to be abjectly crazy but possible business applications…but this one post is for you & me as consumers.
That consumer data was used by firms alone for competitive advantage will soon be passe. Probably, privacy and data, key assets of a consumer, will also be leveraged by him/her. Consumers will have the same power in their hands: (1) data about themselves, their life, lifestyle, behavior, preferences, satisfaction,happiness, etc. (and probably more honest ones) (2) data about what firms are up to, specially how they are using any data about consumers and how they treat consumers, etc. and (3) the required computational capacity in devices and apps.
For example, a consumer may crunch data from wearable(s) for exercising a bit more, deciding on the type of exercise, etc. for general fitness, happiness and longevity or for maintaining sugar levels, blood pressure, etc. Such data may also be used by consumers to garner a better health insurance premium. Additionally, a consumer will have insurance firms’ data too in his/her hands: (1) comparative prices across several consumers, similar consumers, etc, (2) analyzing inaccurate premium quotes, (3) analyzing the policy legalese usually printed in font size 2 and understanding the real implications, and (4) the number of delays, denials, unsatisfactory settlement, suspension, cancellation, etc.
A big leveler… 🙂