A Vital Guide to Understand Datafication

Data is one of the main pillars of successful business operations in our modern society. Many new technologies have been erupting in recent years to help modern businesses make the best out of the data they collect. However, some of the main terms that you may keep hearing include Big Data, Artificial Intelligence, Cloud Computing, and whatnot. However, Datafication is one of the main buzzwords of the last few years that keep going along with Big Data in our modern business industries.

It’s difficult to find relevant and understandable information about Datafication on the web. But still, you keep hearing this term again and again as you research more about the advanced strategies utilized by modern businesses.

What Does Datafication Refer to?

Datafication refers to the use of collective technologies, processes, and tools to assist an organization’s transformation into a data-driven enterprise. It is an organizational trend that is slowly becoming more and more popular among modern businesses. The term refers to the total reliance of businesses on data generated through various sources and data points.

Top Examples of Datafication Today

You may already know that the social media platforms like Facebook, Instagram, and others utilize a huge amount of data on a daily basis to provide relevant services to users. The use of data is a form of Datafication as it highlights the data’s generation, collection, processing, and storage simultaneously. Social media platforms have been using lots and lots of data over the last few years to optimize and streamline their services to create a unique user experience for everyone using them.

Let’s take a look at some of the real-life examples of Datafication where it’s used actively on a constant basis:

Human Resource Management: Generated data can help businesses identify their most at-risk employees and profiles of those who’re efficient.

Insurance: Generate data can help an insurance business create more specific business models and develop risk profiles for every client.

Social Science Research: Generated data can help replace sampling techniques, restructure social science research manners, and more. Overall, data is the key to how and what research takes place.

Banking: Generated data can help assess the reliability and trustworthiness of people depending on various quantifiable factors.

How to Datafy Your Business Successfully?

If your business hasn’t yet adapted to modern data trends and various technologies, it’s time now. Not investing in the right technologies and getting in touch with the Datafication trend will make you lose your competitive edge. In fact, in every industry around us, you will notice that the industry leaders are somehow using Datafication differently (i.e. more optimally) than others. Here’s how you can datafy your business:

Opt for the Right Technology

Find the right type of technology to collect and store data, such as:

• IoT (Internet of Things)
• Wearables
• Bluetooth Devices
• Voice Assistants

Find the Perfect Platform

Find an IT infrastructure that helps you place the data you collect. Plus, you must have the features at hand to store, process, and utilize the data you collected through various technologies deployed by your enterprise.

Go for a Centralized Repository

You will always require a centralized repository for operational, safety, and other purposes. It will help the whole organization extract information and data as per the requirement when needed.

Conclusion

When you take a look at entertainment, finance, healthcare, and other industries, what do you see? For us, it’s the transformation of everything into simple and understandable data. Everything that takes place around is becoming some form of data that businesses utilize to improve their operations and deliver the best products/ services to users around the world. Datafication is a broad field that encompasses the use of various technologies to harness, store, process, and implement data.