Big data consists of information from several sources and with different file formats. This data is crucial as it holds valuable insights. This value is fast being realized by organizations, making them treat as data as currency.
Data holds a lot of value for organizations as it assists them to become the pioneers of their fields. In their mission to be at the helm of their industries, an organization needs tremendous amounts of insightful data. Data as a currency is therefore the new norm in the world of business.
Companies often exchange their information sets in return for their preferred set of data or services offered by other companies, to further increase the organization’s sales. Since this information is arriving from several sources, it makes big data even more powerful.
The manner in which the data is exchanged is even more intriguing for researchers to study. For instance, when an organization is exchanging information it is very important for executives to study the value of incoming data and how that set of information will affect their organization. Having the wrong set of information at hands can often lead to a bad transaction and the information received is rendered as useless.
IoT is a powerful technology; the number of devices connected is increasing and is estimated to reach 25 billion by 2020. As customers are demanding personalized and durable products for their use, these connected devices enable companies to gather all the information that is being provided by the customers. This information from customers is often raw and requires cleaning and filtering. But once the filtering and processing are done, the cluttered and miss-managed data is transformed into something extremely valuable, known as data currency.
Data currency enables companies in scrutinizing the activities of their customers and users and in setting up their databases in such a manner that they can rely on this information for future endeavors.
While there are organizations already reaping the advantages of this technique, other companies are still finding ways how they can apply this for the betterment of their own company. The adoption of data as currency is going to shape the world around us in a few years, and that could mean some big changes to each of our lives.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.