DATA IS THE NEW CURRENCY

Factual information (such as measurements or statistics) used as a basis for reasoning, discussion, or calculation.

- Merriam-Webster
“The era of moving away from the material things in life.”

When electricity was first discovered, no individual would have predicted that it would be a necessity. However today, electricity is one of the basic needs in our daily lives.
Similarly, when the word “DATA” was used the first time in 1946, no one could have possibly predicted that it would be a necessity today and on the verge of becoming an even stronger necessity in the future.

The past situation

Data was a name given to collections of records which were used to measure a certain factor and determine results after a major or minor situation. Data such as population of a geographical area or a large collection of records were used to statistically analyse and determine factors such as GDP (Gross Domestic Product), Economy health etc.

Even though all services and most goods which were purchased required our personal information and collected each day, no one would have predicted how important data would be in the future.

Data was and still is referred to as “factual information” in most cases, however the next couple of paragraphs will make you realise how it is more than that.

The current situation

Data has become a gold mine in today’s business terms. The word “data” could make any business owner or most other entities get chills down their spine. Data was originally unprocessed information which also means raw information which was collected for statistical analysis mainly. It has been around for centuries or even decades and it has never been more important than it is currently.

Data helps businesses in identifying what the current market gaps are, new insights, highly-accurate recommendations and innovative ideas. Identifying what would be a trend or what would be sold in today has made competition among all players stronger than ever. Competition is not the only factor that has increase but the number of innovative ideas/products/services have vastly expanded simultaneously.

The future situation

Data was a name given to collections of records which were used to measure a certain factor and determine results after a major or minor situation. Data such as population of a geographical area or a large collection of records were used to statistically analyse and determine factors such as GDP (Gross Domestic Product), Economy health etc.

Even though all services and most goods which were purchased required our personal information and collected each day, no one would have predicted how important data would be in the future.

Data was and still is referred to as “factual information” in most cases, however the next couple of paragraphs will make you realise how it is more than that.

How you process your information today,
will determine your profits tomorrow!!!
Request a demo