Data is a new oil. Why data is a valuable resource?
A century ago, oil was one of our most valuable resources, which spawned a lucrative and fast-growing industry. In today’s modern society, data could be seen as the oil of the digital era, where the five most valuable listed firms in the world all deal with data.
New technologies have paved the way for data to become much more valuable, where smartphones and the internet constantly provide billions of raw data that can be useful.
With companies such as Google (Alphabet), Amazon, Apple, Facebook and Microsoft showing billion-dollar profits on a quarterly basis, there is no doubt that collecting raw data provides significant benefits, both for the companies and for the actual customers.
IMPORTANCE OF DATA FOR WASTEHERO
At WasteHero, we also wish to constantly gather data to improve through our IoT devices. Our artificial intelligence (AI) techniques and machine learning is able to extract additional value from data by learning over time.
The more IoT devices we install in various containers and bins, the more data we will get, which will constantly improve our algorithms for route generation.
By collecting additional data, WasteHero has an increasing possibility and scope to improve our products, hopefully attracting additional customers and thereby gaining additional data – creating a continuous loop of improvement.
Optimizing our routing algorithms ensures that your waste is being picked up the most efficient way, thereby granting increased financial savings and a reduction in CO2 emission.
VALUE AND IMPORTANCE OF DATA COLLECTION IN WASTE MANAGEMENT
Gathering data does not only assist WasteHero in improving our AI algorithms, but it also gives you as a customer increased insight with regards to your waste stream.
Through our Smart Waste Management Platform, you will get access to various Smart Analytics, which processes the raw data and present it in a manageable way, giving you the insight required.
Obtaining additional insight with regards to your waste management will also allow you to focus your optimization efforts where it matters.
Imagine you are a large city or a big business – obtaining insights to various bins or containers in different locations with the collection efficiency, filling patterns, recycling efficiency etc. will allow you to focus your efforts where it really matters.