5 ways in which data is ruling the world
Written by
Manisha Jyala
Data science will create around 11.5 million job openings by 2026.
It is said that in this digital era, one who rules the data will rule the World. This is certainly true, but the question is, Why and How has data become so powerful? If we observe closely, we can see that Data is everywhere. From a multinational company to a small social media account, data has the power to change everything. With the interconnectedness of people, companies, and devices, Data is being accumulated from an ever-widening variety of channels. The digital revolution in the past decade has resulted in an information explosion that has never been in human history before. This information explosion is leading to new insights, data creation, and data analysis. According to statista.com, over the next five years up to 2025, global data creation is estimated to grow to more than 180 zettabytes. Undoubtedly, Data has become a value-adding factor, which is set to have a crucial effect on tomorrow’s future. Here let us try to understand how Data is ruling the World.
Data’s role in creating new Business Opportunities
Enterprises are among the first to be affected by the enormous potential of data analytics. Data analysis helps businesses to understand consumer behavior, improve management, innovate new products, predict market behavior, and ultimately contribute to business growth. According to the Forbes website, two-thirds of businesses have undergone, or are undergoing, a complete digital transformation. In this fast-changing environment, the company needs to rule the data to rule the World.
Data is creating new Careers and Occupations.
Data is leading a whole new career to flourish. The more new organizations are using big data, the more they need the right talent to manage it. Data scientists, Data Analysts, Data Engineers, and many more are relatively new career fields, and the high demand for these roles has led to some high salaries. According to recruitment service firm Michael Page India’s “The Humans of Data Science” report, data science will create around 11.5 million job openings by 2026. The US Bureau of Labor Statistics also predicted that the increasing importance of data science will lead to the creation of more than 11.5 million job openings by 2026. These trends indicate the bright future of data industry careers.
From health to finance, business, media, security, innovation, and governance, Data is everywhere!
Importance of Data in the Health Sector
Data and Data analysis is not only about business, but it has the potential to bring a significant change in the world health sector. According to the International Data Corporation (IDC) report, healthcare data will experience a compound annual growth of 36% through 2025. The report also revealed that Big Data is likely to grow faster in healthcare than in other sectors, including manufacturing, financial services, media, or business. In healthcare, data can provide better treatment and better analysis of diseases. The Global Covid Pandemic is an example of data being used to provide better healthcare systems.
Role of Data in Improved Security and Law Enforcement
Proper analysis of big data can help in preventing security breaches and cyberattacks. Also, data analytics can help make better laws and their reinforcement in society. With the data statistics, authorities can estimate the crime rate in a particular area and work accordingly.
Data is Connecting People and Society
Social media platforms are the best example of how data connects people and societies. It not only connects people but also creates an entirely new industry. The new ways of connecting people are also generating new kinds of financial metrics. Companies and businesses analyze and process data in these platforms and push more personalized content towards the user, and create more value to their business.
Now, we have a much better idea of how data dominate every sector. From health to finance, business, media, security, innovation, and governance, Data is everywhere. Data analysis can potentially change the dynamics of this digital world that we are living in today.
Originally published March 10, 2022