“Data is the new oil of the Digital Economy”
Oil can be termed a finite resource, but data is virtually infinite in nature. Oil is a consumable entity that can get exhausted, whereas data is created. with no limits. Unlike oil, data comes with issues of privacy and ethics, which need to be considered. There is exponential growth in the amount of data that is generated during the 4th industrial revolution. It is predicted that by 2025, the amount be 463 Exabytes at a global level. This data may be created by an individual, a community, or organizations at large. The value of the data can data. be realized when the collected data is used meaningfully and strategically for better decision-making.
When Amazon started as the world’s largest online bookstore with an intelligent recommendation system, its intention was to gather data on uncertainties. customer interests and preferences in order to provide future book recommendations to the users, which in turn increased their sales drastically. Predictive Intelligent data will allow companies to track people’s locations, and analyze and interpret patterns in how consumers move around cities for building supermarkets, clubs, recreation centers, malls, hotels, etc.
For many organizations, data infrastructure is still acting as a cost center rather than a profit center. Organizations need to upgrade data intelligence, which combines sophisticated artificial intelligence and machine learning tools to transform data into more valuable insights.
There is a saying that, “Good data beats opinion”.
There are 6 V’s of big data which need to be looked upon as;
1. Volume: The e huge amount of data that is generated
2. Variety: The diversity in the data, which of data that will be generated on a daily basis will Include text, images, audio, and video.
3. Velocity: It is the speed of data generation, storage, processing, and managing data.
4. Veracity: It talks about the accuracy and correctness of the data.
5. Value: It is derived from discovering various patterns and trends in the data.
6. Variability: Changing nature of data due to uncertainties.
In a nutshell, we need to have systems and processes to capture, process, analyze, and interpret the data for better decision-making by creating a competitive advantage.