Assumptions are almost obsolete in our present world. Every decision requires a backup, with every citizen on Earth seeking one. Rushing into decisions is a thing of the past. We now analyze the path to a decision and the necessary steps. Climate change, stocks, cars, FMCG, banks, cryptocurrencies, and more are all data-driven. Has data become the new currency? Yes! In this tech-driven world, digital data is the currency. Here are key points on data’s evolution into today’s currency.
- Digitization:
In 2002, weather forecasts often proved wildly inaccurate, leading to picnics ruined by unexpected downpours. But by 2022, the precision of weather predictions has significantly improved. We now have access to week-long forecasts and can pinpoint when rain is expected to begin and end. The key to this accuracy lies in the approximately 3300 Earth-orbiting satellites currently in operation. These satellites collect crucial data, aiding meteorological departments in understanding and forecasting weather patterns. This shift from analog to digital data collection has revolutionized not only meteorology but also various industries worldwide. Digitization has empowered industries with data-driven insights, enhancing their forecasting capabilities.
2. Data Gathering:
Now, since digitalization gave the data, very few companies possess this data. Data is like mining diamonds, all try to find it, but only a few have reserves for it. Now since data is not free for all to look at and analyze, firms now use data to make a market of their own, it uses data as a resource like money, and then there are firms that sell the data to earn money. Hence, one way or the other, it is data that makes money, uses it, or sells it.
Data is driving the industries and their innovations these days. And till the time it is data that drives the industry, it will act as a major resource for the industries to thrive and build upon, just like money. Hence it can be safely said that data is the digital currency.
