8September 2017I've recently written about how our society continues to careen down a path to information ubiquity--a new world where data is automatically created and literally surrounds us constantly. Some current estimates predict that by 2020 there could be 200B sensors in the world. That equates to 27 sensors for every human on earth. Talk about exponential information proliferation.Set against this new world, there is a recurring and relevant question about how to use this data in a meaningful way. Do we really have any idea which data to use? Do we know what data when combined to provide insight? This data application question of cuts across all areas of business from operations, to finance and marketing--just because we have the data doesn't mean anything if we can't understand it.In My OpinionBy Douglas Turk, CMO, JLT Group [LSE:JLT]You Don't Know What You Don't KnowFor marketers, we will soon live in a world of unlimited opportunity in the Age of Information Ubiquity. Our opportunities arise from capturing, analyzing and learning from the "right" data to refine our marketing strategy and execution. The problem however reinforces the old adage of "You don't know what you don't know."This adage quite literally came to life recently while working on a new product development. Our firm has been investing in developing a proof of concept with a group of partners. The product, a combination of technology (IOT Sensors), business process, and analytics is targeted at improving workers safety and reducing workers compensation exposure. This is a huge market where today $60B of workers compensation premium is spent annually in the United States. Anything that can be done to improve worker safety, reduce this premium spend and losses could make a tremendous impact into the insurance market.All of the partners in this development group come from the insurance industry, except for one company that focuses on the developing IOT based solutions. We were engaged in a meeting to define the product requirements and were all focused on defining the problem and solution from our specific areas of experience. It was only when this "outsider" firm began to review their findings and approach did we all recognize how far off we were from Douglas Turk
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