Datafication- The Trend of Today

 Datafication is one of the current Technological trends, Kenneth Cukier and Viktor Mayer-Schönberger introduced the term datafication to the broader lexicon in 2013.

So before understanding datafication let us discuss DATA.

Data is defined as facts, figures, or information that’s stored in or used by a computer.In today’s world, The importance of data is increasing day by day. As, by analysing data many predictions can be made using computational power. With technological development now we are looking forward to Predicting much more using Data.

This is where Datafication comes into picture, Basically Datafications is a Technological trend turning many aspects of our life into data. This is done using processes to transform organisations into data-driven enterprises by converting this information into new forms of value. I.e Organisations working with Conventional methods are now adopting new methods and using data in appropriate ways.

 



With the data readily available, companies need enough levels of skilled professionals who can analyse and manage the data, to ensure it is of the greatest benefit. It will create jobs in the areas of data infrastructure, data management and data analytics.Organisations need people who understand how to collect, store and analyse the data.

We are truly entering into the era of Big Data. Datafication and its analytics is going to play an important role for innovation and productivity in the future.

Many of us at the initial stage get confused in Datafication and Digitization, As both of them seem to be similar in some aspects, But datafication is fat broader than digitization. Digitization refers to converting analog contents (such as books, films, photographs) to digital information whereas datafication takes all aspects of life and turns them into data.

New technologies have enabled lots of new ways to “datify” our normal activities.

For Example,my exercise is now datified. I went for a run this morning, and my smart device recorded exactly how long I ran for, how many strides I took, and how many calories I burned in the process. For the first time, it’s very easy for me to track and monitor my exercise progress.And that’s just one small example. A lot of my daily activity is now automatically tracked. My network of friends is now datified with Facebook. My network of professional connections is datified with LinkedIn. My location is datified with Foursquare. My latest random thoughts are datified on Twitter. My music preferences are datified with Spotify.

Datafication helps organisations to improve their product and services using data.

 

Similarly knowingly or unknowingly we are generating a huge amount of data and organisations are working on using this data in whichever way they can.

Datafication involves behind-the-scenes operations and processes translating them into meaningful information to make the business a fully data-driven operation. And with tools like artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), associated smart devices, and, of course, Big Data, it is becoming the foundation of a business’ very success.

 

Benefits of Datafication

1.    Gain Insight into your process

Raw data itself is difficult to analyse, But datafication transforms it into actionable insights. Using datafication you will be able to understand you and your business (strengths, weaknesses, potential, etc.) in a much better way..

 

2.    Facilitate Digital Transformation

We can only take advantage of the latest technologies if we have usable data. Datafication is the ticket to improving our processes technologically. Once we understand where we are, we will be better able to take the necessary steps to move forward and thrive through innovation.

 

3.    Improve Efficiency

By using datafication we will have a proper understanding of our business and we may make better use of our resources.

4.    Manage Information

As discussed before, we are generating tremendous amounts of data and this data can serve us back or it can overwhelm us, just depending on how we use it !

 

5.    Apply it across industries

Some of the examples of industries using datafication are:

 

●       Human resources (HR): Data used to identify e.g. employees risk-taking profiles.

●       Marketing and advertising

●       Customer relationship management

●       Government

●       Real estate

●       Finance

●       Insurance: Data used to update risk profile development and business models.

●       Retail

●       Research

●       Entertainment

●       Banking: Data used to establish trustworthiness and likelihood of a person paying back a loan.

 

Datafication is Great tool as long as we implement it responsibly and practically.


Blog Credits: Jiten Topiwala (Team TechTuesday)

References:

●       https://www.datasciencecentral.com/the-concept-of-datafication-definition-amp-examples/

●       https://en.wikipedia.org/wiki/Datafication#:~:text=Datafication%20is%20a%20technological%20trend,the%20broader%20lexicon%20in%202013.

●       https://nitsri.ac.in/Department/Computer%20Science%20&%20Engineering/DSL3.pdf

●       https://www.bairesdev.com/blog/datafication-will-transform-your-business/#:~:text=What%20Is%20Datafication%3F,%2C%20usable%2C%20and%20actionable%20data.

●       https://www.forbes.com/sites/sap/2013/07/24/the-datification-of-daily-life/?sh=1f0728ae17f9


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