The value of Data, especially in the context of Autonomous Driving, is often misunderstood. On October 21, 2020, WiBD Silicon Valley/Bay Area Chapter hosted a session on the Value of Data in Autonomous Driving with Nitin Kumar.
Nitin is a Silicon Valley CEO, Board Member, globally recognized thought leader and prolific Forbes contributor. Nitin is also a Fellow of the Aspen Institute, where he is focused on making an impact on the future of cities leveraging Artificial Intelligence, Autonomous Driving and VTOL (Vertical Takeoff and Landing).
Collecting lots of data about lots of things, alone, does not add value. In most industries, including Autonomous Driving, the value of data only accrues when it is collected, integrated, processed rightfully and carefully. In this Fireside chat, Nitin discussed a framework we may use to go beyond just volumes of data capture and toward real AV data value. This framework intersects Useful Life (i.e., ‘when’ AV data is first captured and ‘when’ it is used to derive value) and Data Usage (i.e., is the data being used by the vehicle, the driver or passenger, or a third party?). The framework on Figure 1 illustrates the useful life versus usage concept in the realm of autonomous driving.
Further, Nitin dissects the notion of data being the new gold with several examples. The framework in Figure 2 plots varying value of data based on its nature i.e., direct versus ecosystem and fast versus slow, altering the underlying economic logic on its monetization vector. As Nitin noted, this framework is easily transferable and applicable to other industries.
Nitin named some valuable resources to help you in your autonomous driving and big data value journey:
We look forward to hearing Nitin’s perspectives on Autonomous Driving and Data Driven Business Models as new concepts arise from his involvement with the Aspen institute, as well as his journey in industry.
Finally, I recommend following Nitin Kumar via LinkedIn to keep up to date on his point of view on disruptive technologies, autonomous driving and emerging business trends.
Thank you, Nitin, for being a huge supporter of Women in Big Data.