When we think about currency in the world, we often go the pieces of paper money we all keep in our wallets or the numbers on the screen when we look at our bank accounts online. While this is the case for most people, anything that can hold value can be seen as a form of currency.
And in the “ever-evolving” world of technology, data is quickly becoming the next important and expensive currency in the world. Data is critical for almost anything from marketing a new product, helping a business run smoothly and much more.
In fact, the importance of data will often be the deciding factor in the cutthroat competition between businesses in the coming years. In fact, a Capgemini study last year has shown big data could have a major role in how businesses are run in the coming years.
The study was conducted by Capgemini and surveyed over 1,000 key decisions makers for businesses all over the world. Overall, the study had some interesting and somewhat surprising findings:
- 65% of respondents said that their organizations are at risk of becoming uncompetitive in the coming years because of the highly competitive landscape when it comes to data.
- 52% believe that efforts to become more competitive for their companies are hampered by various limitations in their IT departments.
- 64% said that big data is revolutionizing business by changing traditional boundaries, which could allow new competition to pop up.
- 43% of respondents have or are currently reorganizing their businesses to better exploit new opportunities in big data.
- 61% say that big data is now an actual driver of revenues and is quickly becoming as valuable to a company as their products and services.
These findings show that decision makers know that data is becoming more important than ever, and that changes need to be made in most businesses to remain competitive in an increasingly digital world. As a result, companies will likely begin to spend more and more money on their abilities to manage and analyze data, which will make the data itself that much more valuable as millions will be spent on it. People are finally starting to realize how important data is and this will cause the competition for this data to really ramp up in the coming years.
In fact, don’t be surprised to see data eventually become a bonafide currency. Things like trading certain data for other data or combining different forms of data will become much more prevalent than it is now in terms of the monetization of data. Just think about the massive changes and exponential expansions in the digital universe in the past few years, for example. In fact, this expansion of data is so quick that in 2013, 90% of all the world’s data had only been created within the last two years. That sort of explosive growth is nearly impossible to wrap your brain is around, and it’s not slowing down anytime soon.
Also, protecting your data and the data of your customers is more important than ever. Businesses are not the only ones who know how important data is, so do hackers and those who want to sabotage a business. There have been dozens of stories of huge data breaches that have cost companies tens of millions of dollars and a ton of negative PR.
All in all, look for big data to continue to have a growing and evolving role in business operations and how the world works as a whole in the coming few years. Who knows, it may soon become one of the most important things that companies and businesses deal with.
By Kale Havervold