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Data Is The New Gold: How does it drive innovation in every business?

Data Is The New Gold

When data is recognized as the new gold, it’s not the matter of carrying the same allure of gold! Rather it is how the data holds its power in driving innovation to scale up the growth of businesses.

But, data isn’t powerful as soon as it is acquired. It should be manipulated and analyzed to extract valuable insights. And when the manipulated data accompanied with the insights are shared across various departments of the organization, right from the marketing team to customer service, and IT, it outlines the challenges and new opportunities to rise.

The statistics also prove that Marketing technology is the key area of investment among labor, paid media, and agencies. It accounts for a massive rise up to 29% from the marketing budget of 22% in 2017. In addition, many organizations are recruiting for a special position known as “Chief Data Officer (CDO) to get the best out of the data collected. Business experts predict that almost 90% of enterprises will have a CDO in place very soon to lead the charge. And according to the CMO Council, 56% of Chief Marketing Officers stated that prioritizing the data and intelligence analysis is one of the top skills essential to achieve business growth through delivering the outstanding and personalized experience to the customers who add value to their business.

How does data impact business growth?

Though data has a shorter history than gold, it can have a greater impact on global businesses irrespective of their sizes and domains. In the ever-evolving world of technology that advances at a lightning speed, digitization has become an integral part of every business. And those who embrace it in their operational models will reap the rewards and ensure the long-lasting well-being of their business.

It is evident that digitization has changed the face of business with greater productivity and increased efficiency. It has made the world more interconnected than ever before and makes the global community feel local on the scale. In this digital world, every click, like, and share on the internet creates new data, which contributes to business growth when combined with the right strategy. And in today’s data-driven world, every business needs to realize how the strategic use
of data benefits their growth. Here are a few points, which makes businesses
understand the importance of data:

● It streamlines the internal processes
● Enables timely and effective communication with the potential customers
● Helps to make out the right marketing strategy with relevant information
● Drives to Identify the needs of customers and thus increases the value to the
audience
● Brings down the efforts and reduces the operating costs
● Creates a customer base and presents the management with a clear picture of
challenges and new opportunities.

Why does the quality of the data matter the most?

To create reliable business models and insights, high-quality data is the most essential aspect. And businesses need experts, advanced technologies, and the right skills to extract the insights in order to make smart use of the acquired data. Also, everyone should realize that, no matter how good is their business model, it cannot be impactful if the data is either incomplete, inaccurate, outdated, or biased.

It is proven by many global companies that high-quality data is highly powerful and how it impacted business growth when implemented with the right strategies. To be precise, Google, Amazon, Facebook are the top most examples which aimed at collecting data and using it to outperform their competitors. But, while it is crucial to collect the data, it is equally important to analyze and protect it for the future.

Conclusion:

By now, we hope you have understood why the world recognizes the “Data As New Gold”! But, what matters the most for businesses isn’t how huge the data is, but the insights that are extracted by analyzing it. So remember, it is not the big data, but the big insights from the data are the new gold.

CategoriesUncategorized

AI is Everywhere

AI Tachyon

AI is evolving in all industries, but it is still difficult to determine what it will do in the future. There are so many possibilities with artificial intelligence, and it is only  a matter of time before we see AI go mainstream. There are so many people who have predicted that AI will take over the world by 2050.

1. Artificial Intelligence for Businesses

Artificial Intelligence (AI) is the most trending topic in the global business world.
AI-powered software is being developed to automate a number of tasks for businesses. It includes data mining, records management, customer service and more. With AI, it saves time and money for a company.

2. Artificial Intelligence for programming

Artificial intelligence is already evolved multi fold since OpenAI developed a AI coding tool. Today we have multiple tools to help developers in writing code. Below are few of these tools with use cases:

Copilot by Github – An AI bot to guess your requirement and write the rest of code.
CodeQL by De Moor – To identify bugs in code
Bayou – To write Snippet and API code in JAVA
Deepcode – This AI suggests programmers on how to improve the code
Kite – An AI based tool to complete python programming
in the time this blog is written a new AI tool will be developed. AI tools are getting better.

3. Artificial Intelligence for Education

AI in education is a new and upcoming field with a lot of potential. It can help students by providing a personalized learning experience, but it can also be used to help teachers prepare lessons and manage their workload. AI in education is an opportunity for all stakeholders – teachers, students, parents, researchers.

4. Artificial Intelligence for Healthcare

AI is impacting healthcare in a variety of ways. One of the most notable ways that AI is impacting healthcare is through the artificial intelligence for diagnosis. Doctors can use AI to take a picture or scan for abnormalities and then recommend treatment options.

There are many different use cases of Artificial Intelligence for Healthcare. In addition to diagnosis, AI can be used to supplement patient care by providing digital wellness programs and virtual coaching – which helps patients better manage their own conditions. It can also assist doctors in making more accurate predictions about patients, as well as improving research and development by scouring through masses of data and providing insights into new treatments.

5. Artificial Intelligence for Manufacturing

For manufacturers, artificial intelligence is an essential tool for making better decisions about their operations. It helps the company make smarter decisions, improves their efficiency and automatically predicts risks to maintain quality.
Manufacturers use AI to ensure that their product quality is up to date with the latest trends in the market. AI can be used to improve production processes by integrating data from across various departments and then making predictions about future demand for products.

AI has also improved customer service by predicting customer behavior and providing personalized solutions to them which are not always possible for human managers without AI assistance.

6. Artificial Intelligence Gaming & Entertainment Industry
The artificial intelligence gaming and entertainment industry is showing rapid growth. This market is predicted to grow from $17 billion in 2016 to $34 billion by 2020.

The surge in the use of AI in this industry is mainly due to the increasing demand for real-time gaming, interactive games, personalized gaming, customer-facing chatbots, machine learning algorithms, and natural language processing software.
A significant driver of the demand for artificial intelligence technology in this industry has been the need for more personalized games with greater levels of interactivity.

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