Business Data Is Now A Multibillion Dollar Market: Are You In?

What’s happening in the world of business today is truly remarkable. Go back just ten years, and companies were valued based on the assets they had out in the field. It was “stuff” that made you wealthy and that was valuable. But over the years, physical “stuff” has declined in value, and now data is king.
Data is transforming the way that we live and work. Fortune 500 companies are using it for everything, from planning new locations to building new products. It’s an incredibly exciting time to be a data scientist, that’s for sure.
In the future, we’re going to see even more dramatic applications of data in business. Ultimately, companies may come to trade almost entirely in data, with physical goods taking a back seat.
So what can we expect from data going forward? What kind of changes are we going to see in the business world?
Data Will Become A Universal Asset
Most small business people think that data is something rather abstract and not relevant to their businesses. But if you have a website, Adwords or a social media account, you’re already collecting data. Every day, you get information about who is visiting your site, where they live and how long they stay. You get data from social media interactions, likes, retweets and so on. These snippets of data are the currency of the new economy. They tell your business if it is adding value or not, and whether you are on the right track. Already, savvy small businesses are leveraging these tools. They are using them to become more competitive and valuable to customers.
Data Will Allow Companies To Get Much Smarter
In the past, companies relied on a process of trial and error to find out what their customers liked and what they didn’t. But today, it’s all change. Companies with big data integration can evaluate customer responses in real time. They can actually track how their customers feel about a certain product or advert. They can then react accordingly, depending on the feedback that they get. Data allows companies to make much better decisions in the moment. And with digital technology, they’re able to quickly retract ads and products that aren’t working.
What’s so exciting about this is that the collection of all these data is essentially free. Companies both large and small will benefit equally from the data explosion we’re seeing. Expect the startup culture that has emerged over the last decade to continue apace.
Customer Experience Will Go From Good To Great
It might sound a little bit Big Brother to collect gigabytes of personal data from every person who uses your services. But data, if used ethically, can actually help improve their experience dramatically. Take John Deere tractors, for instance. The company realized that it could improve its products if it could understand how they were being used. It proceeded to place sensors all over its vehicles and then collect those data centrally. This then allowed the firm to measure things like plowing patterns and understand breakdowns. Knowing what caused breakdowns helped the company make their vehicles more robust. And ultimately, that’s the best outcome for customers.