Datafication refers to the process of turning various aspects of everyday lives of people like their behaviour, transactions made, social interactions etc into data in a structured format. This data can then be analysed using various data-analysis techniques and advanced technologies to glean information.
Technologies and developments in the arena of big data, machine learning, artificial intelligence etc have led to the increasing popularity of datafication.
Understanding Datafication with an Example
GRhombus Technologies, the best custom software development UK has to offer and among the leading cyber security companies in UK has deep experience in this domain. To understand the concept of datafication easily, let us understand the same with an example.
Consider a common health/fitness tracker or a health watch. They commonly collect data like heartbeat and pulse rate, number of steps walked, sleep patterns etc. This raw data is then stored and analysed by the system and displayed in a mobile or desktop application. The user can then get insights into their health and get personalized recommendations based on available scientific facts to help enhance their lifestyle and improve well-being.
Now consider that this data collected from various individuals is pooled. This polling and aggregation will give a larger data set. By analysing this data set, one can get insight on the general health and well-bring of a population. This can in turn help set up public health policies, investigate scientific approaches to improve health, provide specialized healthcare etc. Thus, society can benefit as a whole by this process if used correctly.
Today, datafication has led to the development of new business models, services, and products that leverage data to generate insights, create value, and drive innovation.
Some of the advantages of datafication are:
1. Robust decision-making
Datafication can help organizations make better decisions because they have access to more accurate and up-to-date information. By analyzing data, companies can identify patterns and trends that would be difficult or impossible to identify otherwise. This is especially true in sales trends, personnel productivity etc.
2. Improvement in efficiency
With a study of the data available from datafication, one can automate processes and reduce the time and effort required for tasks such as data entry, analysis, and reporting. This can lead to significant cost savings and increased productivity.
3. Achieve customer delight
By collecting and analyzing customer data with the active permissions of customers, organizations can gain insights into customer behaviour and preferences. Thus, companies can offer custom solutions and delight customers with their offerings.
4. Innovation
By analysing the data, organizations can identify trouble spots and innovate to achieve value both for the organization and for customers.
5. Manage and mitigate risk
By analyzing data, organizations can identify potential risks and take proactive measures to mitigate them, reducing the likelihood of costly incidents. This is especially true in the financial domain where analysis of data can help prevent fraud.
GRhombus Technologies
GRhombus Technologies is a leading software development company in USA and has the best cyber security experts in the business. From smart devices to technology stacks, we have end-to-end capabilities in the IoT domain and Salesforce implementation.
We are led by a dedicated and experienced team and take pride in offering cutting edge solutions to any business challenge. We have helped many businesses unlock potential and deliver value.
For any additional queries or business needs, feel free to contact us!
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