Things You Should Know About Data in Digital Age

Nowadays, data has become valuable asset almost like oil. For those who see the fundamental value of data and learn to extract and use it, there will be huge rewards as we are in IR 4.0 era, where data is more valuable than ever. It is the key to the smooth functionality of everything from the government to local companies. Therefore, without data, the progress would be halt.

Value of Data in Digital Age

“Data is to the Digital Age” as in “Oil to the Industrial Age”. Oil has evolved the world into a better place by creating an enormous amount of wealth and prosperity. Meanwhile, data has also become the most valuable resource on the planet. Therefore, it needs to be ethically extracted, refined, distributed and monetized. Such in the way oil has driven growth and produced wealth for powerful nations, the next wave of growth will be driven by data.

Benefits of Data in Digital Age

In the digital age, data is as important as oil in the past. By using data, organization could gain a lot of benefits which can lead to organization’s success. Here are several benefits of data in digital age:

Better decision making

Organizations can harness data to make decisions such as finding new customers, tracking social media interaction, predicting sales trends and so on. In short, data helps leaders make smarter decisions about where to take their companies.

Improve the work process

Data helps organizations understand and improve business processes so they can reduce wasted money and time. Every company feels the effects of waste. It depletes resources, squanders time, and ultimately impacts the bottom line.

Understand customers and market better

Data is the key for understanding customers and market. With data, organizations could know the target customer and the target market. Therefore, organizations can measure their growth and performance.

Conclusion

To sum up, in this digital transformation era, data has become important and valuable. It contains many assets and credential needed to successfully manage the organization.

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REFERENCE:

Toonders, J. (2014). Data Is the New Oil of the Digital Economy. WIRED blog. https://www.wired.com/insights/2014/07/data-new-oil-digital-economy/