DATA IS THE NEW CURRENCY AND DATA ANALYTICS IS THE NEW BANK
A recent report from Dresner Advisory Services reveals that 53% of companies are adopting Big Data Analytics and Optimization.
Why is Data on High Demand?
These services will help businesses to flourish on a high scale. It is estimated that by 2023, the big data industry will grow up to $77 billion. The digitalization of businesses is the core reason behind the increased usage of big data optimization services.
The frequency of internet users has increased dramatically over the past decade. Big Data is here to stay for a longer period, and after seeing the present analytics, we can say that it will surely benefit a huge number of businesses.
Looking into this, we can surely say that “Data is the New Currency and Data Analytics is the New Bank.”
Why is data considered as the New currency?
A few years back, Deloitte drafted a report mentioning Data as the New Currency. The global tech giants are moving ahead in Business Analytics and are looking forward to Business and Data Analytics Solutions.
By working on the details of the businesses regularly, data is considered to be the new currency. And looking forward to the high demand of the data, there are more opportunities where you can monetize your data.
One research has claimed that shortly organizations can expect a 25 percent hike in their revenues from data monetization. There is also a risk to security and privacy. Therefore just like we protect the currency, similar care is required for the data being used.
Previously whenever we exchange data with any website or company, or bank, the company could access all our confidential information. Everything would get shared with them through screen scraping.
It resulted in an enormous amount of data exhaust. But now, data analytics has gone too far. Now there is no need for you to share incredibly confidential information.
End-to-end business solutions, Data Warehouse Solutions, and Big Data Design Implementation Services provided by companies like Thinklayer Minds have provided you with the security that your data is in safe hands.
The companies treat data with much safety to avoid any discrepancies. And if your data is safe, it will make you earn huge revenue and the ultimate growth.
Data Analytics as a Bank
IDC has forecasted that between 2019-24, the revenues from big data technology will grow up to 15.6 percent.
We all are aware that 2020 has been a year of remorse for many organizations. A few businesses that make it to survive during that period are the Big Data Services, Data Warehousing, and Data Analytics Services.
They have achieved critical growth irrespective of the economic uncertainty. Continuously shifting needs of the consumers are pushing organizations to change their strategies to drive revenues. And all of these are using Data Analytics, Big Data Optimization Services, and Data Warehouse Solutions.
The emerging trend of e-Commerce and digitalization of businesses has provided data to emerge as one of the most important assets. As a result, most of the brands are moving ahead with Data Analytics. Right from Texaco and Apple to America’s Largest Travel Portal, all are stockists of data.
Shortly Big Data is going to decide the fate of businesses. That is why Data Analytics is considered the New Bank where you can invest and get financial help, which will help you in times of crisis.
Netflix as a Data-driven Company
Here we are discussing one of the most popular entertainment platforms. Netflix has been a data-driven company from the very origin of it.
They decide everything based upon the insights and data analytic tools. The company is rich in data and analytics with its millions of international consumers. Netflix uses this data to appeal to its users globally.
For example, Netflix is making a stake in those artists who are not so much popular, but with the confidence of their data analytics tools, they take the risk and generated huge revenue in the past two years.
Role of Government in Data Analytics
By far, we have understood that data is truly the new currency. It will facilitate businesses to earn handsome revenue in the coming years. And it is all possible because the Government acts as a facilitator of the data economy.
The Government provides platforms for data exchange. It creates and maintains the parameters for the regulation of Data analytics. The Government acts as a regulator concerning data privacy issues.
Government develops standards for the Digital Privacy Bill of Rights. Governments also provide infrastructure for growing data markets. The well-known among these is the UID (Unique Identification) Program of the Indian Government.
It converted the personal data of the Indian Citizens as currency by using biometric impressions. This database is so large and used by different businesses and the Government to create a market for various products and services.
Government can lead Big Data Services from the front. It can help businesses in many ways in earning good revenues using data. Also, we can consider businesses to play a role in performing their Corporate Social Responsibilities by sharing data with the Government and helping in the welfare of the nations.
Source / References –
- forbes.com” target=”_blank” rel=”noreferrer noopener nofollow”>forbes.com