Episode 52: Data & Value
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Looking Outside is for curious people looking for a fresh take on familiar topics, in business and beyond.
Data Scholar Michael Clark joins Looking Outside to discuss the value behind the data we collect and how the definition of data is changing.
Michael is a futurist focused on data, a digital payment and open banking and Vice President of Global Digital Transformation at Mastercard. His interest in the interconnection of data to other aspects of our lives has led him to become a leading voice in this space and to write a book on the topic. To explore the topic, he starts quite simply by defining what data even is. Speaking to how data’s origin as a gift, quite literally the meaning of the word being datum or gift, has changed over time, Michael contextualizes not just what the concept of data is but how our relationship with it has changed.
There is a difference between holding data as a highly valuable thing, which captures people’s unique memories and stories, with viewing data as a byproduct of a transaction or a statistic. This changing idea or re-evaluation of data has meant we have lost sight of what the value behind that data is, or as Michael puts it, quite literally giving our ‘gift’ away.
In observing the signals of change in the world, Michael says this is not what the future holds for data. Rethink the concept of data means economies may change based on the value that’s ascribed to data, greater granularity may be ascribed to the true ‘cost’ of things and we may be able to even measure what is today unmeasurable.
Through his research for the book he’s writing, “Data Revolution”, Michael provides a glimpse of the future of data, where it is more representative of your identity, where open and democratized systems provide greater sharing of economic rewards and where holders of data are required to operate more ethically as a cost of doing business.
Jo and Michael also discuss the role of private organizations in evaluating what data they even need to collect in the first place, as they look to build first party data loyalty programs. If an individual is re-evaluating how their data is used and the previously hidden value in it, how should companies be thinking about the future customer and the relationship they have with customer data?
Michael stresses the point of asking hard questions when it comes to data, particularly as the systems around it – like GDP driven by limited data capture, or even capitalism itself – are coming into question. It’s what Michael says will help us better understand the interconnected nature of technology to every other system that maintains our livelihoods. As well as the role of experts in democratizing knowledge on the topic; as Michael says, “When you know stuff you have a duty of care to give back, to work with governments and regulators to help them understand it”.
To look outside, Michael gets outside, literally - out of his own head, into fresh air. This not only helps him get outside himself, but the forced push to stop what he's doing helps him to come back to it better focused. Michael says it's important to be comfortable stopping and simply doing nothing.
Michael Clark is a data scholar, seasoned industry advisor, and innovation evangelist with over two decades of experience in cutting-edge technology solutions. Leading the data charge, Michael is redefining value and preparing institutions and governments for a future they haven’t even envisioned. His upcoming book, Data Revolution: The New Currency of You, is a roadmap that will decode the world of data and prepare you for the data revolution.
Part of the Digital Labs leadership team at Mastercard, Michael leads Global Digital Transformation with a mandate to drive Disruptive Innovation, Agile Principles, and execution of Mastercard’s Digital vision, whilst also accelerating our client’s digital ambitions.
Follow Michael on LinkedIn /futureofmichael and Twitter/X @Futureofmichael
Michael's book is available for pre-order soon
Watch Michael's panel on data at the Dubai Future Forum 2023
Check out the book Jo mentioned: Economix
All views are that of the host and guests and don’t necessarily reflect those of their employers. Copyright 2024. Theme song by Azteca X.
