The Value of Big Data
Data is one of the most valuable assets for companies, but it can sometimes be hard to understand this value, as data does not have a traditional market value the way that stocks, property and other commodities do.
The value of big data can be seen in how it is used by businesses and corporations to better understand their users and customers, and to optimise their business strategy and decisions based on data evidence. This data driven approach is a very effective strategy for companies as it relies on hard evidence rather than opinions. Some of the areas in which data is used are marketing, operation efficiency, and security strategy.
These days its is also common for companies to buy and sell consumer data to each other, often without permission and usually to target people with personalised advertisements. This is one of the main ways that big corporations make a profit, they collect your data with or without your permission then use it themselves or sell it to another company. If something is free, most of the time it means you are the product.
The global big data market is currently worth around $300 billion and is expected to grow significantly over the next decade and beyond.
https://www.talend.com/resources/data-value
Very interesting about how data is being used hope my data isnt sold! 😂
ReplyDeleteAny offers on my data?, bidding starting at £10k.
ReplyDeleteThis is a clear explanation of the value of Big Data. It shows how companies use data to make evidence-based decisions in marketing, operations, and security. The discussion about buying and selling consumer data also highlights ethical considerations, making the piece both informative and thought-provoking.
ReplyDelete