How Data will be the next Black Oil?

You must be wondering how data can skyrocket a business revenue from very low to a new higher level. Well, when it comes to advancement, this new digital world is standing over the use of valuable data driving its growth in numerous ways. Whether it is about artificial intelligence resulting in voice assistance like application development or machine learning influencing prediction making for an organization- data is the key player behind it all. These incredible tasks are incomplete without utilizing healthy data sets.

The data is being generated at an unstoppable pace. By the end of 2020, almost 1.7 megabytes of data will be generated by every person on the earth.

And, we are not entirely sure whether this information will be structured or unstructured. Even today we can see data emerges from almost all business operations and processes. In industries such as manufacturing, connected IoT devices for performing operations like sensors, mass flow meters, actuators etc., throws a significant amount of data. Similarly, FinTech sector leveraging PoS, internet banking, fraud detection algorithms etc., generates data at each point of their business operation.

Now, to deal with this data, companies require data scientists. The Introduction of Data Science is marked with the analysis of huge data sets fetching valuable insights from them. The role of data scientist has become very useful for every industry. These days organizations looking for talents with great potential to deal with data. Here is how data is transforming our today’s world:

Predictive Analysis:

Predictive analysis has become the most important resource for dealing with critical business scenarios. Companies are using machine learning based predictive models to make predictions for future outcomes.

In a stock market, companies analyze historical and real-time data sets, behaviors, patterns to understand the profit or loss statement for the future. Thus, they can know which stock will be good for investment and which one will face fall in the upcoming time.

Critical Decision Making:

With smart data sets and analytics available in the form of statistics, numerics, graphs, figures, tables etc., enterprises can make quick and accurate decisions in a simple to the most critical scenario. The data collected from various sources such as social media platforms, customer engagement, surveys, operations, feedback and many other thousands node generating this information helps organizations in numerous ways. With that, a company can streamline their business operation in an effective way with improved revenue, throughput and hence brand name. Now companies are using data to manage planning to supply and distribution phases of their business.

Marketing:

Those days are gone when companies had not much access to reach or target every geographical customer. But now, with this advancement as more and more technologies are introduced such as mobile phone, apps, websites, cloud computing models, IoT, machine learning, blockchain etc., peoples are becoming more intelligent. Today’s market has become more consumer-centric where a customer performs a pre-background assessment of a service or product they are willing to buy. Until they don’t find it worthy for them, they will not buy it.

Thus, the modern marketing strategies are also transforming with this change. Businesses are leveraging websites and apps to generate qualified leads and convert them into a customer. The use of recommendation engines, automated chatbots, etc., also increases a visitors engagement converting them into a customer. Voice or text-enabled chatbots are helping organizations to provide virtual assistant to the customers. These smart agents are powered with conversation and other useful data sets with the ability to learn from the past events.

Also, advanced CRM tools are driving the growth of businesses adding intelligence to them. Tools like Eienstien analytics assist teams in cracking a deal in the most effective way. In already contains all the details of a lead so that executives can deal with them without any hurdle. Without data, these operations would have gone very challenging.

Pattern Analysis:

With pattern analysis, complex ML algorithms can observe a person’s activity data such as past shopping experience, buying behavior, search etc. Thus, the can understand the next move of a visitor and executives can pitch them in a more effective way.

Improvement in Application development, Infrastructure, testing, marketing, selling, etc., is leading organizations to a whole new environment where the main motive will be achieving accuracy. And, it can be only achieved with the most valuable asset of the future: DATA.

Karan Makharia

I have completed IT engineering from Mumbai University. My interest includes networking, electronics, gaming, programming, blogging, building things, watching movies, tv series. I have one goal to contribute in the education sector by spreading knowledge. I work to make a change in this society and encourage others to do the same.

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