HERE Technologies has launched the HERE OLP Marketplace for location data. They’re a company that’s big on democratizing data, and wants to be the NASDAQ for location data. If you’ve thought that you had the most valuable data around, upload it and find out if the open market agrees. I asked HERE CEO, Edzard Overbeek what he thought made location data valuable.
HERE CEO, Edzard Overbeek:
“So two things, one, at CES we’re showing off very crisp examples of where we’re using data sets, what data sets, and what we’re using for which use cases. But let me take you through an example in logistics. International logistics systems are probably easiest to look at because you have a siloed approach. You have a system for boats, the systems for airlines and the systems for trucks, you have a systems for warehouses.
Theoretically, people claim that all of that is integrated. Some Yes or No, none of them can do indoor and outdoor and offline and online, not. So the solution we’ve created with location data is basically to aggregate all these feeds into one cockpit. So when your final product is in a warehouse, you can trace it to the truck, to optimize the truck. You can route the truck and follow the truck, you can optimize the boats, optimize the airplanes and on the other side the same thing. That optimization of supply chain for middle mile and last mile creates cost savings between 2-4%. Now, let me give you an example. In a three PL four PL environment so the big guys, DB, Schenker, DHL, FedEx right. They have supply chains that run a half a billion of goods. Two to four percent on a half a billion of goods. There’s the use case.”
Nicole: So you’re making the data the valuable.
Edzard Oberbeek: Yes.
Nicole: If a company is going to decide what they store, how do they figure out what is valuable and what is not?
“Three things. First, data is not data. What I mean is Excel spreadsheet data is very different than IoT data, then sense cellular data and the data on your phone. So the first step you need to do is you need to create a common language which is what I what I mentioned earlier, what we do is we normalize we standardize so now you can look at the data industry and data sets. We tackle the data so you can search and index it. That’s our job. So now the data that you, in your domain, can search for you can start to use massive scale. And you do pattern recognition, which is data science and data analysis. This is a service we offer, but it’s also a professional service where we train your data scientists and data analyst to be able to look at those pattern recognitions and pick out what you think is useful for you. That’s the second way to monetize.
The third way to monetize is these packages in a solution or an app and you put it on the marketplace. Those are the three things that we offer.”
If you’d like to learn a bit more about the OLP Marketplace, here is a short video
HERE Sponsored my travel to CES 2020, they did not sponsor my content. All ideas are my own.