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Data is the Currency of Future

Published on : Apr 4, 2018        Author : Rakesh Sharma
Data is the Currency of Future
Advancement of technology has ensured that every aspect of our life is getting digitized at a very fast pace. Every activity that we do using our mobile, tab, or a computer is leaving a data track behind. With interconnected devices, with the help of internet, IOT etc., devices are exchanging information through data. As per available estimates amount of data that we generate is getting doubled every two years and by 2020 there would be 44 trillion GB of data.

What is the significance of all this huge trove of data? On face of it, having such overwhelming data might be too much to do anything. However, all this data is fast turning into money economy. Personal data has economic value. It can be bought, sold or traded. Value of data appreciates when translated into meaningful information.

Today’s consumer demands are increasing. They demand personalized yet reliable products or services. They want it to be delivered when they want and are willing to pay premium for such products and services. Companies are trying very hard to obtain as much data as they can in order to know their customers or partners better so that company can stay relevant to its target audience. Also, more sense of data these companies can make more sales they do and earn more revenue. Data provides valuable insights into consumer behaviour, their preferences, and usage of products hence enabling companies to tailor their services and products as per consumer demand. Companies can use data proactively to identify and rectify product/ service deficiency even before consumers realizes. Basis the data companies can fine tune their marketing strategy and come up with more precise market segments. Sales effort can be more specific and more effective. All this will lead to more sales, bigger market share, higher revenue, and increased profitability.

Companies who can understand their customers better are going to remain relevant in future. Moreover, companies who can help other companies to understand their customers better are going to be much in demand. SRKay Consulting Group is one such company, who with its path breaking research in human phycology is poised to take world by storm. Imagine a scenario where data can be analysed to identify right people for an important job assignment. Companies can realign themselves when armed with such meaningful data about their employees. There are going to be many such use cases in future.

Future will belong to those who will be able to make deep insights through data, develop businesses using data, impact humanity through meaningful use of data, and keep evolving through enhancing usage of data. Data economy is growing fast and will grow at an even faster rate in near future.