Current businesses, especially big companies, rely heavily on data, also known as the world’s ‘new currency.’ But why is data so important? Data helps product development in businesses, assesses business decisions, creates strategies, predicts outcomes, manages its efficiency, improves processes, saves money and time, and a lot more. People should understand the usage of big data as large amounts of it are stored globally; the market intelligence company ‘IDC’ stated that in 2018, the world held 18 zettabytes of data (equivalent to 18 trillion gigabytes). As of 2020, Techjury has claimed that there will be around 40 zettabytes.
Data can be seen in every company, but how they use it can vary; businesses will have the potential for improvements and growth if they use their data efficiently; with that, business leaders have or are trying to incorporate data technology into their workforce, so it is best for you to have a good scope into it. To inform you of the importance of data, here are 25 business leaders’ thoughts presented to you on how big data is transforming or had transformed the world:
Weiner says it all. Big data will be part of people’s everyday lives, down to how we live and work.
Data is the raw material powering this era, like the last industrial revolution powered by oil.
Big data and analytics are needed to strengthen an organization’s decision-making; otherwise, they will stray away from their focus.
“”— Andrew McAfee, Principal Research Scientist at MIT and Author
Following this statement, one may perceive it as McAfee believing that data is too involved with the current world and can no longer be separated from each other. For example, data collected from your social media accounts; this would be a problem for some people as personal data will not be private.
“”— Jack Ma, Founder and Executive Chairman of Alibaba Group
Jack Ma emphasizes the power and usefulness of data technology in current times; information is, however, essential. Still, it can only be produced when data is given, making data the context’s fundamental input.
“”— Ankala V. Subbarao
It is important for you to understand that data is the foundation of wisdom, and with wisdom, businesses will make better decisions.
“”— Toto Wolff, Team Principal & CEO of the Mercedes-AMG Petronas F1 Team
Wolff is of the opinion that the best choices you choose now or in the future should rely on the data that you have and instincts.
“”— Hal Varian, Chief Economist at Google
A prediction that might just come true. The job of being a statistician may sound unpleasant and believed to be unworthy to chase after, but the future of business’ marketing will be in dire need of statisticians as data will be used everywhere.
“”— Gordon Gekko, Composite Character in the film Wall Street
Information is key for businesses to enhance business prospects, strengthen management, and grow through improving. It may give you an insight into your competition’s motives that you can use as leverage.
The world’s war in this era is cyberwar. Data and analytics will have to go through online conflicts to try to prevent further disruptions in cyberspace.
Following Subbarao’s quote, data becomes information, then into knowledge and then wisdom, playing the role of a promising future for you.
Data is continuously growing and organizations need to optimize their operations to stay competitive.
“”— Larry Page, Co-founder of Google
As written previously, in 2020, 40 zettabytes of data are expected to be stored in the world, and you should presume that a lot more data will be created in the future. There is a need for more equipped and skilled people to handle these massive amounts of data, and that could be you.
“”— Marissa Mayer, Former President and CEO at Yahoo!
Mayer suggests that the earlier companies collect data, the quicker information can be sorted out, use the information to plan out different choices, and decide on the best option.
“”— Max Levchin, Co-founder of Paypal
The significance of big data is greater than what you could imagine; it has given businesses a chance to understand their consumers’ behavior, trends, how to improve its marketing campaign, and much more.
“”— Eric Schmidt, Former CEO of Google
Whether it is being created, translated, or communicated, the amount of data is increasing in such a short time. Some companies have turned their focus on finding cloud solutions to manage all the collected data.
“”— Vinod Khosla, Co-founder of Sun Microsystems and Founder of Khosla Ventures
A couple of times before, it has been expressed that big data will be proliferating in the healthcare field. There could even be a possibility of your future doctor using shared data to assist them with diagnosing, maybe by detecting your problems before you even notice.
Sculley states that decisions should be formed on data rather than opinions.
A business’s success is built on the firm foundation of data.
Fiorina stated that insights produced by data should be a primary focus in a company.
“”— Atul Butte, Researcher and Entreprenuer
Again, as the saying goes, data is the creation of knowledge, and that knowledge is for you to solve problems, think critically and reasonably.
“”— Sherlock Holmes, Fictional Character
The key to having progress and develop is to have sufficient data; i.e., facts, forming theories of what once may be true, is not enough to make crucial decisions based on that.
“”— Jim Barksdale, Former CEO of Netscape
Barksdale informs the public that data-informed opinions are much preferred over a baseless assertion. Why? Data that forms opinions can lead to proper conversations that create reasonable resolutions.
“”— John Carter, Senior Vice President of Analytics, Insight and Loyalty at Charles Schwab
Organizations rely on data and analytics in this era; using the information collected, they can note which areas of the business have advanced and which needs advancements.
“”— Ginni Rometty, Executive Chairman of IBM
Big data has allowed companies to reach out, engage, understand, and keep track of their interactions with consumers or customers, building a more transparent culture.
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