Datafication has become one of the most crucial ideas in the global business community. Kenneth Cukier and Victor Mayer-Schoenberger first used the term “datafication” in 2013, and it has since become crucial to businesses that depend on data, which is almost all businesses today.
After all, the business landscape places a tremendous amount of importance on properly leveraging and managing data. It is included in every single action and is not simply one procedure. It is a component of every action we take to keep our businesses operating and thriving, from decision-making to goal-setting. So how can you integrate it into your company with the help of your team?
To transform the firm into a fully data-driven organization, datafication entails converting backstage operations and processes into valuable information. This is made feasible by technologies like artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), related smart gadgets, and, of course, big data.
How Datafication Will Transform Your Business
You may already have guessed that datafication benefits all sizes of businesses, both large and small, across all industries. Here are a few of the main proponents of implementing it in your company:
Datafication helps in gaining insight into your processes.
Analyzing raw data is tough in and of itself. However, datafication turns unstructured, incomprehensible information into insights that may be useful. Datafication means you will be better able to comprehend the advantages, disadvantages, potential, and prospects of your company. It also enables you to see how your initiatives are having an impact.
Datafication Facilitates Digital Transformation for Business
For all firms, digital transformation is becoming more and more crucial. Only useable data will allow you to benefit from the most advanced technologies. The key to streamlining your processes, both technologically and otherwise, is datafication. Understanding where you are will help you go forward and succeed through innovation.
Productivity is Boosted by Datafication
Your business will have a better grasp of what it’s doing and how it’s doing it thanks to datafication. It will set you up to use your resources more effectively and to work more productively and efficiently. Your operations will be streamlined as a result of these qualities.
Datafication Helps to Manage Information
Businesses produce and gather enormous amounts of data but managing it may be difficult. Datafication makes sure that your data is arranged in a way that makes it possible for you to utilize it efficiently. You’ll be able to retrieve it and make sense of it in addition to simply keeping it.
Datafication Helps Across All Industries.
Datafication is widely used by businesses and organizations, and for good reasons. The following are only a few instances of the divisions, specializations, and fields that use datafication: Advertising and marketing; human resources; management of customer relationships; government; finance and insurance in real estate; retail; research; and entertainment All of this is meant to imply that it can be applied pretty much everywhere and is not specific to any one industry.
Financial institutions use data analysis to determine whether they can rely on a client to repay a loan. For the purpose of customizing content and advertisements, social media networks track and gather user data. Data analysis is used by recruiters and human resources professionals to recognize traits and patterns in prospects. The list keeps on. As you can see, datafication is beneficial to everyone and is poised to fundamentally alter how we conduct business and sustainably expand our businesses.
Will datafication be advantageous to your company? If you put it into practice in a responsible and useful manner, the answer is most likely a loud YES!