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Did you know that 147 Zettabytes of data are forecasted to be generated worldwide in 2024? Believe it or not, this means that 27 zettabytes of additional data will be produced this year compared to 2023 which is enormous. We all know that data is the major driving factor behind effective business strategies. Analyzing data not only uncovers hidden trends but also provides various insights into businesses that were previously unknown. Thus, we can claim that data is the currency of today’s digital landscape. Let us have a look at some stats that reveal the true value of data.
After analyzing these stats, it is evident that data holds a significant value in today’s digital ecosystem. Let us get on board a journey and understand the basics of datafication, its processes along the role of the cloud in nurturing datafication.
Datafication is the process of converting various types of information, such as physical measurements, human behavior, business transactions, or any other analog parameter into digital data that can be analyzed, processed, and used for various purposes. This process involves the collection, processing, and storage of data, as well as the use of algorithms and other computational techniques to extract insights and value from the data.
Datafication has become increasingly important in recent years, as the amount of data generated by businesses, governments, and individuals has grown exponentially. This has been driven in part by advances in technology, such as the Internet of Things, which allows devices to collect and share data automatically, and the rise of social media, which generates vast amounts of user-generated content.
Datafication proactively enables businesses to streamline operations by automating time-consuming manual tasks or operations that need specialized skill sets. For instance, an organization may incorporate automation software to rapidly generate reports from large datasets without having the need to manually analyze the data. Automation also enables companies to decrease costs related to labor-intensive activities such as payroll processing or stock management.
Organizations can make better-informed decisions by having access to real-time data. Datafication offers a comprehensive view of business performance across multiple departments and processes which facilitates executives to identify trends in customer behavior or verticals where improvements need to be made to increase profits. Additionally, predictive analytics are allowing companies to project future requirements so they can better prepare for changes in market conditions or consumer demand. Thus, this helps them formulate and implement effective strategies that enhance overall business productivity.
Before we delve into the details, let us understand what are the various processes that play a key role in datafication. Some of the most important processes of datafication are data gathering, data preprocessing, data storage, data processing, data visualization, and data utilization. Let us get into the details and understand the essence of each process.
To start with, data gathering is the process of collecting data from various sources. These sources are sensors, social media, financial transactions, or other types of digital or analog mediums. This data can be collected in real-time or at regular intervals, depending on the specific use case. Additionally, the amount of data collected from these sources can vary as per the business requirements.
Do you know raw data is highly unstructured and unevenly distributed? Thus, to make this data more usable and unstructured, we need to process the raw data beforehand. This is where Data preprocessing comes into the picture. Data preprocessing involves cleaning, filtering, and transforming the raw data to make it more useful for analysis. This can include tasks such as removing duplicates, correcting errors, and converting data into a consistent format.
After the data has been preprocessed, it needs to be stored in a suitable format for analysis. This can include traditional databases, data lakes, or cloud storage. Data storage is highly essential because improper storage of this data can result in data loss.
Data analysis involves using various techniques and tools to extract insights and make predictions from the data. This can include machine learning algorithms, statistical analysis, or visualization tools. Data analysis is highly important and the most important step as it uncovers various hidden trends and patterns.
This step is to present the data in a way that is easy to understand and interpret. This can include creating user-friendly and visually appealing charts, graphs, and other types of visualizations that make it easy to see patterns and trends in the data.
This is the final step where insights and predictions gained from the data analysis are used to make decisions and take action. This can include automating certain processes, optimizing business operations, or informing strategic decision-making. The results can be used to enhance the effectiveness of various products and services.
When we talk about just a few gigabytes of data, generally we prefer storing them in physical hard disks. But when we talk about large-scale data storage and processing, the cloud plays a key role in storing and managing this data effectively. The cloud empowers datafication by providing infrastructure that is highly secure, high performing, and scalable to the growing demands. Let us dive into the details and study factors of the cloud that form the backbone of datafication.
According to Statista, the top cloud security concerns are data loss and leakage (69%), and data privacy/confidentiality (66%), followed by accidental exposure of credentials (44%). There is no denying that security is paramount in today’s digital era. Compromising data can be catastrophic for businesses and can result in heavy losses. Since sensitive data needs to be protected at all costs, the cloud proves to be highly secure in storing and managing data. The cloud deploys robust security measures such as firewalls and strong encryption that safeguard the data from external attacks. This enables organizations to have peace of mind as they know their data is secure.
We all are well aware that data is generated continuously and there will be huge data in the future. Since it has been already anticipated that the generation of data will rise in the future, we need an infrastructure that is scalable. Fortunately, the cloud comes into the picture and proves to be a lifesaver. The cloud has the capability of scaling its resources up to down based on the requirement. This could further empower datafication for businesses as global organizations can leverage the power of datafication.
We have already emphasized how important data is for organizations. Thus, keeping the data safe and secure is highly critical. But even after deploying multiple measures, there could be chances where data can be compromised. This could happen due to an external attack or a technical issue. Losing data in this situation can attract significant losses along with operational disruptions. Fortunately, the cloud offers regular backups of the data along with robust disaster recovery mechanisms. Thus, even if the data is compromised, disaster recovery mechanisms can retrieve the data as soon as possible, and regular backups can keep the data updated. Thus, the cloud promotes datafication for businesses that work with a huge amount of data.
Do you know a power cut or any other technical issue in the cloud can disrupt business operations significantly? But luckily this is not the case in today’s digital landscape. Data centers and cloud hosting organizations deploy redundant power backup solutions that ensure their cloud infrastructure is available 24/7. Organizations like Cyfuture have 4 major data centers operational in India along with 3 upcoming data centers. This ensures the availability of resources anytime, anywhere. Additionally, the entire cloud infrastructure is continuously managed and upgraded as per the latest industry and regulatory guidelines.
Datafication is really important for businesses that are looking forward to gaining an upper edge in a highly competitive and dynamic world. By converting various types of information into data, businesses can uncover new secrets and identify hidden patterns that were previously unknown. By performing critical steps such as data gathering, data preprocessing, data storage, data analysis, and data visualization, businesses harness the power of datafication. The cloud, being the backbone of datafication for businesses, is playing a key role. The cloud provides a highly scalable infrastructure that is secure, reliable, and efficient. This ensures that all organizations can manage, store, analyze, and monitor their data with peace of mind.
While there are many managed cloud service providers in the market, Cyfuture is emerging as a leading service provider. Having experience of 23+ years, Cyfuture stands strong in the market with a vast portfolio of cutting-edge cloud-based solutions. Being an industry leader, Cyfuture is committed to providing exceptional customer service with top-notch solutions that foster innovation. Cyfuture currently boasts 4 data centers in India that are highly reliable with 3 additional data centers opening soon in 2024. If you wish to leverage the power of datafication or cloud then consider speaking to our professionals. Our strong family of over 2000 professionals is truly committed to making your dream a reality.
FAQs
Q1 How does datafication impact businesses?
Answer: Datafication allows businesses to make better and more informed decisions by providing insights based on data analysis. It enables companies to improve their operations, understand customer behavior, identify new market opportunities, and develop better products and services. Additionally, it reveals various hidden patterns and trends that allow organizations to make strategic decisions.
Q2 What are some examples of datafication in everyday life?
Answer: Examples of datafication in everyday life include using GPS to track our movements, smartphones collecting data on how often we use different apps, and social media platforms gathering information about our interests and interactions. Additionally, gadgets such as smart watches can track your heart rate, footsteps, and even sleep hours.
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