In a recent interview Mukesh Ambani, an Indian Industrialist and Billionaire said, “Data is the new Oil.” Why is data the new oil? It is because it is what keeps the world functioning, audiences engaged, still has untapped potential, is capable of bringing about revolutions and has many more ways in which it can be harnessed. Only a few companies, agencies and people are capable of understanding the true value of data collection. It is the foundation of any research and answer to any problem. This theoretical gold mine is capable of churning and producing various kinds of solutions to organist ions.
The untapped potential is also a way to monetary success for companies. These days data has started making its place in the priority lists of a few companies who are envisioning the future goals, but once people realize what a game changer it is, there will be more resources applied to harness and protect it.
Storing data is the new hot spot. Convergence of sciences, digital connectivity, automation, artificial intelligence and the digital universe – all have data in common. Companies must begin treating data as an enterprise wide corporate asset while also managing the data locally within business units. This enables sharing of data about customers and products — which often provides opportunities to up sell, cross sell, and create customer service and retention plans that are aligned with a customer’s true value to the organization. Sharing product data can open up opportunities to create new and innovative products across lines of business. In combination, an enterprise wide understanding of customer behavior, products, and transactions enables advanced analytics.