From individuals such as Mark Cuban and Jeff Bezos to corporate entities such as Credit Suisse and Deloitte, a new mantra is resonating across the business world – “Data is the new gold.” Publications such as The Economist are showering the intangible resource with hyperboles emphasizing that a new ‘Data Economy’ has emerged.

Establishing some basic terminology should serve as an appropriate preamble, to better understand the context to what we work on at Vastari. The data economy represents an emerging framework whereby “companies, their roles, capabilities, and overall trends in how they act,” can be categorized according to the use of this new asset - data. Essentially, the data economy is viable through a term that serves as the structure: The Internet of Things (IoT). The IoT is a theory that all our devices can trade and exchange data, the stream of how the data economy is currently set up. Figure 1 illustrates a basic example.


So, what makes this assortment of ones and zeros so valuable in the museum world? And why is this relevant for Vastari to stay ahead of the curve?

Museums have been relatively successful at gathering data in their vicinity. In particular museums have been able to analyse their personal operations and any potential traveling exhibits or collection pieces that they might host. However, this information is a microcosm compared to the amount of data around the world. Therefore, the data-mindset we are undergoing is to synthesize the micro information from institutions around the world so the bigger picture is transparent. Our continued goal of complementing museum professionals will be enhanced through big data so they can spot trends in exhibitions, connect with similar institutions and have instant exhibition suggestions.

At Vastari, we adhere to the positive framework of data and have always sought to use our database of over 1,000 museums and 6,000 museum professionals worldwide to optimize the potential of the exhibition space. With the recent addition of myself and Phil to the team, we aim to upgrade Vastari’s ability to gather, infer and process data in the most beneficial way possible.

Whilst our database is vast, I intend to dig deeper into the more precise details of institutions around the world. In the same vein as some of the top tech companies in the world, we can use this data to enhance our ability to successfully do our job. Essentially the strategy is simple - formulate a survey that will be simple to numerate. However, ensuring that esteemed museum professionals around the globe answer our questions requires imagination and persistence. Therefore, our strategy has been to build closer relationships with museum professionals.

Ultimately, the data that we gather will then be used to find trends and, most importantly, foster closer relationships between institutions, exhibitions and collections around the globe. As a company that seeks to build bridges between individuals and institutions in the art world, our aim is to build those bridges with digital gold.

If you are a professional who works at a gallery, museum or non-profit insititution and want to better understand our community, please fill in the survey here.