Our lives are almost entirely entwined with our phones, laptops or if not that, let’s not forget our debit card controlled purchasing. What we are saying is, our behavior is constantly recorded in some form, whether it’s using a search engine or purchasing a gift for a friend. While there have been concerns of all sorts, some paranoiac in nature too, there is one major concern though that we’d like to address here, which (bonus!) also happens to be a great business opportunity. Yes! we are talking about the new weapon for businesses, “Data”. It’s amazing how google can guess what we would like to shop and bring us just the appropriate ads and as surprising as it may have felt for the first time you witnessed it, that was just the beginning. Let’s look at how data is changing the way we do business:
– Predict Future
A scientist in UAE has now invented an algorithm to predict future based on behaviors or “data” recorded earlier. A simpler example would be predicting the birthday of a friend who you bought a gift for last year and at around the same time this year, your screen can show you something like, “A different gift for a friend this year” as an ad. You should understand, though, that this is a very simpler explanation of the phenomenon, given the complexity and greater cohort of people, opinions, and behaviors involved in the future prediction algorithm by Dr. Jose Berenqueres.
Can there be a business hack better than getting to know the single most important commodity in the coming year and investing in that very commodity?
– Targeted advertisement
Data can now show you the customers that are more likely to buy a certain product and guide you with projecting your advertisements to a very specifically targeted population enabling you to yield maximum results out of a similar or lesser investment in marketing. One such example can be Amazon and their “gold” tagged customers or the google ad services which we most often get surprised of.
As an enterprise wanting to introduce a product in the world of today, it would be an inevitable need to research and analyze. And as much as innovation and creativity are valued in the world of today, numbers will still continue to have an indubitable credibility.
Saying all of this, we would like to urge people to be a part of the larger “Data” industry and be an inalienable piece of the bigger, ever unpredictable and technological era that we are entering. If there is a currency that can be redeemed later, as a definite, even with all the competition around us, it’s data.