2021 Trend Almanac: Technologies and trends that will dominate the business and consumer landscape. Get instant access
Data, in technological terms, refers to information that has been gathered, transmitted or stored to be analyzed, translated or contextualized. With the advent of the The internet of things (IoT)—a system of interrelated devices that transfers data over a network without requiring human-to-human or human-to-computer interaction—data is used to make sound business decisions when it comes to marketing, advertising, budgeting, building infrastructure and improving their bottom line. A data-enabled world has improved virtually every industry from healthcare to the finance. Data connects people, ideas and technology, powering new ideas and inventions by gathering strategic insights, key metrics and analysis. Data allows organizations to access information quickly and efficiently, which before the Information age, was either unable or took eons to locate.
In today’s world, the term “Big data” is commonly used to describe the large, complex volumes of information organizations use to fuel business. Big Data powers artificial intelligence, Machine Learning and algorithms that mine to trigger actions in real time. Analyzing big data draws a clear picture of customer habits and behaviors to derive trends and patterns which can streamline operations, improve processes and create efficient marketing strategies.
Organizations use data to: