Which is worth more to you - data or money? It may surprise you, but in my opinion, money is starting to be less important than data. So, is data the new global currency today's world? Understanding Its Power in Today’s Marketplace Data has become so powerful and valuable. Every time I go online to shop or check my social media feeds, I can see how many different ways companies track me! Does this happen to you? It feels this way for me as well.
By collecting data from consumers, companies learn what type of products their customers are interested in purchasing, where their customers will shop next, etc. Companies therefore can create "targeted marketing" campaigns based on the information obtained through data collection. This is how data acts as the new form of currency.
Have you ever wondered why ads seem to mysteriously follow you everywhere you go on the internet? Businesses collect a lot of different types of information about individuals. They capture what you searched, purchased, watched, and how many web pages you clicked upon. Then they utilize to produce ads that align with your interests.
This not only assists businesses in precisely identifying those things you already wish to purchase and generating additional revenue but also allows them to create ads based on what you search for online.
"Better Products and Services"
Companies utilize data to create better products and services. They also correct issues with their products and provide an accurate understanding of who their customers are. In short, businesses generate revenue by using the data they have accumulated to create excellent products and offer superior services.
Data is so valuable that:
We need to provide our users with:
Why is Data Valued as Money?
For many companies today, having access to data is very similar to having access to gold. Companies will pay for it, sell it, store it, and ultimately, use the information to generate revenue!By collecting data from consumers, companies learn what type of products their customers are interested in purchasing, where their customers will shop next, etc. Companies therefore can create "targeted marketing" campaigns based on the information obtained through data collection. This is how data acts as the new form of currency.
Generating Revenue via Data Utilization by Businesses
"Targeted Ads"Have you ever wondered why ads seem to mysteriously follow you everywhere you go on the internet? Businesses collect a lot of different types of information about individuals. They capture what you searched, purchased, watched, and how many web pages you clicked upon. Then they utilize to produce ads that align with your interests.
This not only assists businesses in precisely identifying those things you already wish to purchase and generating additional revenue but also allows them to create ads based on what you search for online.
"Better Products and Services"
Companies utilize data to create better products and services. They also correct issues with their products and provide an accurate understanding of who their customers are. In short, businesses generate revenue by using the data they have accumulated to create excellent products and offer superior services.
The Value of Data
Data is a valuable commodity. If you look at the biggest companies in the world today (Google, Amazon, Facebook, Apple) they are successful because they have large quantities of data.Data is so valuable that:
- Companies fight over the rights to data
- Governments pass laws that protect people's privacy
- Hackers steal data the same way they steal money
- People exchange their data for "free" apps and services.
The Dangers of Data's Value
As data becomes more valuable, the dangers associated with losing or breaching it increase. A single data breach can destroy a company and/or impact an individual's life negatively. Losing data can be worse than losing your wallet.We need to provide our users with:
- Stronger data security
- Improved data protection
- More control over their information.
