In the Roaring 2020s, Data Will Be Your Most Vital Asset>
Inside Big Data – Imitri Sirota
In the 1920s, as the Great Flu Pandemic of 1918 waned, and a synergy of technological process, increased mass marketing, and a surge in employment culminated in a massive economic boom. That period, now known as the Roaring 20âs, was a time of immense optimism and opportunity. And history, as it tends to do, has again come full circle. As the economy grows, data continues to grow in tandem. Figures and finances exist on two sides of the same ever-vital coin, with increased efficiency for data harvesting pushing forward the capacity for economic growth, and vice versa. The United States economy is set to surge in the coming monthsâ Deloitte forecasts that 2022 will outperform their prepandemic assumption, and even more so, the setbacks and scars that so many economists warned about in the early months of the pandemic appear to have been sidestepped entirely. The most prominent byproduct of this technological revolution will be a vast expansion in GDP. Some companies will have a significant advantage over others in this boom. Businesses already using AI across their data functions are best positioned to handle this meteoric growth, because understanding the data that you have is a critical and complex stage of business development, one that must be conquered before that data can be translated into actionable business intelligence. But most organizations donât have a complete picture of the data that powers them. They require deeper insights into where their data is sourced from, where itâs being used and who it belongs to. Only with these insights and this intelligence can they use that data to make better decisions across all parameters: in privacy, in security and in data governance. The focus now must be on scaling with strategy. This is a moment that calls for triple focus: on implementing digital-first strategies; adhering to new privacy and protection regulations and then maximizing the value of existing data â through better data visibility, data quality, and data management. Machine learning and NLP give organizations the power to accomplish the four câs: cataloguing, classifying, cluster analysis and correlation. And those four câs pave the way for the three pâs: privacy, protection and perspective.
Link: https://insidebigdata.com/2021/11/20/in-the-roaring-2020s-data-will-be-your-most-vital-asset/