Value Of Data

 Value of Data Activity 




Data has always been a valuable resource however nowadays it has become bigger than anyone could have thought and this is because of big corporations using data to analyse specific datasets and using their own methods to extract data from the bigger datasets which in turn will generate bigger revenue for corporations. The value of data often depends on the relevance of the data, the quality, demand for the data and how much money you are able to get from the data itself. The reasons for these big companies utilizing and analyzing all this mass amounts of data is so they can develop new ways to make products, improve the work place by improving decision making and optimize the workplace also. For example we gather data all the time for public transportation specifically for buses and the benefits of this are that using the data you can make dynamic routing for the best possible routes, predictive analytics for arrival times, traffic optimization and fare cost optimization, all of these benefits greatly improves these public transportation business and in turn will make the company more popular, safe and reliable. As for the future of data i do not expect the speed of which data is growing to slow down as businesses get better at analyzing the data, the amount of data being generated and collected and more technological advancements which will make the utilization of data better but with that being said we also need to make sure that the privacy and security while collecting and utilizing this data is maintained. 

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