Are you surprised with the title “Data is the Wealth of Next Generation Companies”?. Let’s see how and why data is more important than any other wealth of companies.
How people Noticed the importance of Data?
In recent news headlines we have been seeing issues related to data and privacy concerns, many people would have thought about is our personal data like name, address and details should be a thing of concern. This question arises due to certain ignorance, every data has potential value if used properly.
Data is like the earth. we can build something with it, on it or dig something precious from it.
Data Includes…?
When we talk about data collection and data analysis, what all this `Data` includes; The data collected by various companies range from your Name to the comment you made on social media. Many of the social media platforms also collect information about which all posts you skipped while scrolling the news feed and also the post which you spend time on. You might have known about Siri and Alexa listening to everything happening around even when you don`t activate these voice assistants.
Why Data is Important for Companies.
When we use the term data, we are not just talking about personal identifying data. These days a website or tech company collects the personal interests, Social Media likes, and shares, the websites you visit, how often do you use these. etc. These data play an important role in deciding the chances of a person going to buy or use a product or service. Now you might have guessed why companies want these data. By knowing the likes, dislikes, and plans of a person we can guess what product this person will be looking for and advertise the product to this person. So the product company`s ad is targeted straight to its potential customer.
How Companies/Businesses use the data?
Tech giants Google and Facebook have their business model built on collecting and using personal data. Amazon and other e-commerce companies use personal data to identify the products a customer is likely to buy and show recommendations. Advertising agencies use the data to target their audience with the right kind of advertisement and hence provide maximum conversion rates to their clients.
How much DATA is worth?
The truth is that there is no concrete strategy yet developed to calculate the worth of any data. The data of average user values roughly less than a dollar, but of a Facebook user, it is worth more than $100.Recently, a user had sold his data on Kickstarter for $2,733.
Hence, the actual value depends upon how valuable the data or information is to a company or business, buying the data.
Why Data is important for your Company?
Whether a startup or an established business, you must know what your customers want, identify their needs, and deliver your products accordingly. The time when people say advertising and reaching out is the key to find customers has gone, Now targeting the right customer is a brilliant way of advertising. So having the data of your customers and potential customers gives you an upper hand in bringing up the right product/service.
Data is the Wealth of Next Generation Companies.
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