The most valued commodity in the digital age we now live in is DATA, just like the most valued commodity in the industrial age was oil. Data is the new oil that runs today’s digital economy on a global scale. With this, comes an avalanche or regulations, introducing the new data protection act called GDPR which holds Europe and the UK accountable for how they mine, process and use data. Right now you can capitalise on earning big as a GDPR PM (project manager), BA (business analyst) or a DPO (data protection officer). Register FREE @ www.careerinsights.tv to learn more.
These titans, Alphabet (Google’s parent company), Amazon, Apple, Facebook and Microsoft are currently the market leaders and owners of a vast resource of data fields but that shouldn’t stop you from benefiting from the data rush.
Driven by 3rd platform technology, mobile, social, cloud and big data, devices like smartphones and the availability of the internet has made data abundant, ubiquitous and far more valuable. As technology continues to be integrated into the customer’s lifestyle, consumers willingly share their entire life and activities in the form of data have become the fields and and these corporations, the miners, extract this data using their oil rigs (smartphones, tablets, desktops), refine them, process them and the distribute them as purchasable commodities to other organisations who need this data to gain market share, increase revenue, drive down operational cost and increase market value. This infographic from SuccessFlow explains how a company can use data to build a viable and successful business.
The only difference between oil and data is while oil fields dry out, data fields will most likely never dry because humanity reproduces and with over 7bn people on the planet with increasing connectivity to the internet, virtually every activity creates a digital trace. More raw material for the data distilleries.
Today, Data can be extracted, refined and piped to where it can impact decisions in real time. This creates extreme value however, the ability to share this data across entire ecosystems and made accessible in the places where analytics are most useful is where we see the birth of an intelligent form of technology — Artificial Intelligence. It is here that true value is seen.
Artificial-intelligence (AI) techniques such as machine learning extract more value from data. Algorithms can predict when a customer is ready to buy for example or even better, predict the a particular customer’s life time value.
This abundance of data changes the nature of competition. By collecting more data, a firm has more scope to improve its products, which attracts more users, generating even more data, and so on.
Why will data make you rich
Data in itself is useless if you do not know what to do with it, just as oil is useless in the hands of someone who does not see its value. The extraction, mining and processing of data helps you to find useful information out of piles of data. We look for patterns, consistency and reoccurrence, for example, google searches could predict a flu epidemics in a given region. The rule here is that the more data you have, the more precise the results will be. This is the so called Big Data. If you can see the value here then what you need to be thinking about is where do I fit in.
You have 4 options:
Become the collector of data (extract)
Become the miner of data
Become the one who processes the data
Become the one who distributes and sells the data
These’s four options can make you rich because if you are the owner of a vast amount of invaluable data you can sell it.
If you are able to mine the data on behalf of the owner of that data, you can charge for that service. If you can process the data and make predictions that is not available to anyone and useful to everyone, then you create value. This value can be distributed and sold to the highest bidder.
As the Founder & CEO of Digital Bananas Technology, I have used data extracting, mining, processing and distribution of data to gain a competitive advantage over my competitors, totally transformed my business and we have seen an increase in our revenue by 30% over the last 3 years.
What ever idea you have, whatever concept you have, as an entrepreneur, be data driven.
As a professional, develop your data skills. Start with becoming a data analyst and evolve into becoming a data scientist. Combine business analysis to those skillsets and you will be commanding in excess of £800 p/day as a contractor.
Data is the new oil and it will make you rich. Join our data analytics training starting next week.