Explosion of the economic relevance of data is related to: first, technological progress that has drastically reduced the costs of collecting and storing data; second, the advances in analytic techniques that have allowed for more advanced processing to extract greater value from available data. So, more value is extracted from exhausted data.
Information generated for one purpose can and should be reused for another one, which means that data moves from primary to secondary uses . data are more valuable over time.
Data’s true value is like an iceberg floating in the ocean: only a tiny part is visible, while much of it is hidden.
Innovative companies that understand this, can extract that hidden value and reap huge benefits.
Data’s worth is its unlimited potential for reuse: the option value. What really matter for the value of data is its use and not its possession.
Data science can have incredible benefits for your business. With data science and predictive analytics, in particular, you can predict useful metrics and trends for your business. Such an approach can help you improve your ability to serve your customers or otherwise compete in the market.