In the digital world of the internet and artificial intelligence, we can see the real and ongoing digital evolution. This is a whole new era where every business is going through digital transformation and coping with ever-increasing adaptation challenges.
Amidst all these innovations, there is a new and powerful currency that is setting new industry standards with each passing day – Data. Data is already transforming and redefining the way people live and do business.
It is an abundant and valuable resource of information that can be used in many different ways. This new digital driver of change and growth has revolutionized the digital trade and the world as we know it.
What Is Data?
Understanding what data is and why it matters to analyze it in real-time requires a bit of effort. Pretty much everything is data. It is content generated by social media users, mails, messages, videos, phone calls, streams of photos, etc.
The everyday interaction between people and the internet generates massive chunks of raw, unstructured data that flows through billions of interconnected web devices that continuously send and receive data.
Put simply, everything people and businesses do online creates some sort of data. For example, modern consumers are used to the idea of shopping online. This led to the rise of e-commerce.
Since this is still a relatively new and developing industry, data plays a huge role in it, as it gives leverage to e-commerce businesses to stay relevant and competitive.
The same goes for every other industry in the world. It’s safe to say that in such a new business environment, the value of data is going sky-high, becoming more apparent and valuable in this new data-driven economy.
Companies relying on data gathering services such as WebHose, have far greater chances of getting ahead of the competition curve and ensuring growth, compared than those that do not count on or enlist these strengths.
Medium of Exchange
One of the most incredible things about data is that it has no restrictions. It isn’t limited to the creation of new industry leaders, new business models, and infrastructure. Because of its unrestricted nature, data has led to the evolution of a new currency, a new medium of exchange of service and goods in a new digital business landscape.
As such, it has marked a new time of economy and a new era of digital business. Shares, equities, stocks, bonds, and gold have been a worldwide currency for centuries. These commodities are reminiscences of the past, whereas data is the currency of today.
Since the internet is continually expanding, the number of connected devices continues to grow, just like the amount of data generated. Businesses are now investing in the efforts to trade, sell, and buy chunks of all that generated data.
Those with enough computing power to properly gather, sort, and interpret all that data can expect at huge potential and prime wealth. From cybersecurity to payment transactions, nothing happens on the internet without some form of data.
The moment businesses realized data could give them answers regarding their consumers, competitors, marketing and advertising campaigns, industry trends, and so on, they gained tremendous power.
Today, entire industries are built on the comprehensive data foundation of digital business. In such a busy environment, modern companies are more focused on understanding customer needs and getting ahead of the competition than ever before.
The Value of Data
In a world where almost everything depends on data, it has immeasurable value. In terms of business, enterprises rely on data to generate revenue. They’re investing heavily in an array of data collecting and analyzing tools to get ahead of the competitors.
Science and medicine rely on data to explore uncharted territories where they haven’t been able to go before. It’s safe to say that data makes the world go round. Four things matter the most regarding data – it has to be accurate, timely, personal, and unique.
This is how businesses tailor their customer services and experiences, leaning toward the consumer’s interest. Each new consumer interaction is a potential lead. Companies are trying hard to gather and convert that data to analyze and find patterns, whether sociological, geographic, or demographic.
This is why modern businesses use the most advanced technologies like AI, machine learning, and natural language processing to help them interpret all that data and customize their services to generate new revenue sources.
There is no doubt about data predominantly allowing us to work and live more efficiently. Data is what powers all the applications and programs we use daily to go about our daily life. It helps companies increase revenue, consumers to enjoy a fully customer-centric service and experience, industries to evolve, etc.
In other words, data is what drives the world toward progress. Data is the knowledge that allows the world to go places unimaginable before. Smarter algorithms, more sophisticated distributed networks, and exponential data growth have become the main elements of the world’s evolution. Where we go from here remains to be seen.