Data – The Most Valuable Commodity

Data the most valuable commodity

Oil or Gold used to be the world’s most valuable commodity and now, it’s Data. The amount of data in the universe is continuously growing at an exponential rate, and it doubles every two years, and it is continuously changing the way we live on this planet. Big data plays a significant role in our everyday lives, although we may not always realize it.

Big Data Analytics is the new Oil – We need to extract it, refine it, distribute it and monetize it

David Buckingham

It helps us to achieve goals; all on a personal level, the industry level, and the society level. However, to make use of the data as the most valuable commodity, you should know the best tools and the best available technologies. To know more about the top technologies available in Big Data, click here.

By collecting more information and data, a business has the prospect to produce products based on exactly what the customers want, and this, in turn, helps them to generate more customers, generating even more data. It’s a vicious circle. All in all, data is a valuable commodity and it should be preserved for its use in the long haul.

Now, the question arises that why data referred to as the most valuable commodity. Some of the advantages of Big Data are:

Better decision making

One of the biggest advantages of using Big Data Analytics is that it helps in the decision-making process of a business or an industry to a great extent. Now, companies don’t take a gamble when they make an important business decision. They turn towards big data analytics to gain important insights, make decisions after referring to it.
In addition, some important customer-centric factors like what they want, and analyzing their needs and feedback are continuously taken into account; which leads to a better decision-making process. Decision making is one of the reasons why more and more companies are attracted to Big Data Analytics, and that is what makes it the most valuable commodity.

Increase in productivity

New technologies and tools are continuously emerging in the field. Tools like Hadoop, are allowing analysts to analyze more data at a faster speed than ever before; which in turn increases productivity. In addition, the businesses use the insights gained from these analyses; and further apply them to create better organizational structure, productive operation, and overall to create a better work environment.

Reduction in costs

One of the most obvious reasons for using Big Data analytics for many businesses is that it makes organizations reduce their overall costs. They don’t have to waste money on a trial and error system. In addition, it increases the efficiency of a business; and helps them to make informed decisions regarding the financial aspects of a business like an investment, marketing, accounts, etc. That is the reason why Big Data is now considered a more valuable commodity than money.

Better innovation

Innovations play a big role in the success of a business. People are continuously looking for unique products and services, to which they can relate. Now, imagine if you knew what exactly the people were looking for. Big Data Analytics does just that. In other words, it helps you form a clear picture of what your customers are looking for.
By processing more and more data, businesses are now able to predict and produce the products and services that will do well in the market.

Increased Revenue

When businesses use big data to improve their decision-making process, operations, innovation, and product development, the most obvious result is the increase in revenue. The increase in revenue, in turn, helps them to invest in better tools for the analytics. and offer them even better insights. This leads to perpetual growth.

Fraud Detection

Another reason that makes Big Data a valuable commodity is the detection of Fraud. It is one of the biggest advantages, especially in the financial sector. The Big Data tools that rely upon machine learning at excellent at detecting abnormal patterns and trends. This gives banking and credit card companies an upper hand and enables them to identify stolen credit cards or fraudulent activities almost immediately. Most of the times even the cardholder is not aware that their credit card has been compromised.

Data the most valuable commodity

All you need to know about Big Data

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Uses of Big Data Benefits of Big Data
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