SXSW Recap: Real Time Data

Fourth in a Series

Does Real Time Data Make Us Better Consumers?
Josh Reich - CEO, BankSimple

---

I love data. It doesn't get the mainstream coverage like social media - until lately that is. For over two years I've been talking about how "...data is the only thing that matters..." much to the delight of those around me I'm sure. Now though...data, big data, and enterprise data are words that you read on blogs, in magazines, and hear about everywhere.  This session was basically made for me.

This was set up as what SXSW calls a 'Core Conversation' where the attendees are expected to help lead the session and guide the discussion.  In attendance was Felix Salmon from Reuters, he had some great input. Felix is probably one of the most well known finance bloggers. I had the opportunity to meet him last year at a session he was moderating on innovation (or lack of) in online banking.

The conversation kicked-off by yours-truly talking about real time data and its impact on the health and fitness industry.  New gadgets like Fitbit and the Nike Fuel Band now provide real time feedback in our search to be healthier. This was quite serendipitous, as Johan Voet from Foodzy was in attendance to discuss his platform and how they use real time data.

Other applications were discussed and services such as Chartbeat were talked about.  Chartbeat actually provides real time analytic data for multiple industries. Data visualization as a whole was briefly talked about and how it provides much needed context for often overloaded 'data consumers' - now that so much data is available.

Because so much data is available, and so many things can be measured, there was some lively talk about measuring the right things.  What is the impact on behavior with so much feedback? Are we effecting change on the correct behavior? Deep questions with only an hour to discuss.

There's no getting around it - there continues to be tremendous investment in data resources and I think the wave of start-ups focused on leveraging and finding new uses for data will grow exponentially.

"Data: it's the only thing that matters!" - Me