"Data is the new oil"!
It seems people exploit this statement over and over again. That's because it's truly brilliant. It belongs to Clive Himby, an analyst at Tesco. He was the one who built the loyalty program for the company's clients, which means he is aware of the value of data.
✅ What is data and why is it so valuable?
Every step we take leaves a digital footprint. Even a cup of coffee paid with a card in a cafe can tell a lot: place and time of the purchase, what kind of coffee we prefer, was it paid with money or bonuses, how much money is left in the account after the purchase, etc.
The data is created every second. According to the IDC research forecasts, by 2025 the volume of accumulated data will be 175 zettabytes. As opposed to 50 zettabytes at present.
✅ What to do with the data?
As data is the oil of the twenty-first century, it is clear that it cannot be used in its pure form. For oil to be useful, it has to be converted into fuel or plastic, for example. With data, the situation is the same. The data must be processed to become valuable.
If data is extracted, processed, and transmitted to a place where decisions can be made based on it, the value of the data will multiply.
Let's look at the figures: the global market for big data and business intelligence grew 12% last year to $189 billion, and IDC predicts that in 2022 it will reach $274 billion. Data is surely a value.
✅ Big Data and Artificial Intelligence.
Big data is the fuel for artificial intelligence. When accessing the data, AI uses an algorithm to process the information, analyze it, and then apply it to other areas.
The DigiU.Voice service is a great example of it, as voice is also data. We've uploaded 23 hours of voice audio to AI. After processing this data, artificial intelligence has learned to generate speech. And the more hours of data uploaded, the better the speech.
❗️ Big data has a huge advantage over oil. Black gold is limited and data is not. On the contrary, its amount only grows every day. Therefore, it creates a huge potential for AI development.
Now DigiU is developing its own DMP platform for collecting, processing, storing, and enriching heterogeneous large data. This will increase the company's capitalization and also become fuel for the AI products we are developing.
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