What is datafication and why is it the future of business?
Datafication is the process of turning data into a new value. This can be done for a variety of reasons, but typically it is done in order to make money from selling the data or using the data to improve a product or service. Datafication is often used in marketing and advertising, as well as in the development of new products and services.
Datafication has become more and more important in recent years as more businesses have realized the value of data. Data can be used to understand trends, customer behavior, and much more. As such, data has become a valuable asset for many companies.
There are a few key reasons why datafication is the future of business:
1) Data is becoming more accessible: Thanks to advances in technology, data is becoming more and more accessible. This means that businesses can collect data more easily and at a lower cost than ever before.
2) Data is becoming more valuable: As businesses have become more aware of the value of data, they are increasingly willing to pay for it. This has made data one of the most valuable commodities in the world.
3) Data can be used to improve products and services: Data can be used to improve just about anything. By understanding how customers use a product or service, businesses can make changes to improve the experience.
4) Data can be used to create new products and services: In many cases, data is the key ingredient needed to create new products and services. By analyzing data, businesses can identify new opportunities and then build products or services to address them.
Datafication is the future of business because it enables companies to collect, analyze, and use data more effectively than ever before. As data becomes more accessible and valuable, businesses that embrace datafication will be well-positioned to succeed in the years to come.