‘Data’ in the 21st Century is what ‘Oil’ was in the 18th Century. Yes, the next big thing in the digital universe is Big Data. This massively unexploited and untapped valuable asset is giving rise to a new economy. Today, we are swimming in a massive ocean of details, specifics, facts, and figures where our knowledge and technology continue to flow ever-increasing rivers of new data.
But, unlike fuels, data has a diminutive environmental smudge and isn’t exhausted the more we use it. In fact, understanding derived from data has enabled us to develop advance, infinite, inexhaustible and healthy renewable energy sources.
With the onset of a digital economy, data has become the key ingredient to innovation and sustainable growth in the digitalised economy. Without it, any business growth would halt.
Today, internet and smartphones have made data copious, ubiquitous and far more valuable. Whether you are going somewhere, sitting with a friend or just lazing around, virtually every activity creates a digital map- giving more inputs to the ever ending data distillery.
Similar to how engines are a requisite to change oil into energy, analytics are required to gain insight, extort value and produce business benefits from data. Organizations must treat ‘data’ as a corporate asset, managing it locally within business units.
By using in-house data along with external data, there is an immense opportunity for every organization to innovate and create new services and products across various business lines.
Realizing the true value of Data and Analytics in business demands an impressive data amalgamation and normalization of a project across its highly complex, heterogeneous and functional landscape.
Tracking and analyzing your total revenue or profit alone is not enough. Know those metrics that influence your business goals at large. In fact, the true value lies in dissecting the micro data and not the macro data. Akin to oil, people who are able to see Data’s deep-seated value and are aware how to extract and utilize it, will gain huge rewards in times to come.
‘Data is not only the new ‘Oil’ but the new ‘Soil’ for Business survival’