We know data is everywhere, but how does it impact your daily life? Do you have to be a data scientist to make the most of data insights for your business? Let's look at the growing impact of data, and what it means for you.
[click for full transcript]
Why Data Is Important
The world is rapidly moving towards a global digital reality, where 50% of jobs will be computerised and at least a third will involve software, robots and or smart machines.
By 2030, it’s predicted there will be 7.5 billion internet users - an estimated 90% of the world’s population. These internet users are creating massive amounts of data. IBM marketing experts add that from 2016-2018 alone 90% of the world’s data was generated.
Data is driving growth and change, to such an extent it is becoming the new economics of business.
Since working with data is becoming inescapable, workers are needing to fulfill the roles of being a:
- Strategic thinker
- Key communicator
These responsibilities are linked to data in the following ways:
- Predicting consumer trends and behaviours
- The ability to meaningfully understand data
- Sharing the results of data analytics with teams
- Increasing business productivity
- Driving effective decision-making
“The digital universe will reach 175 zettabytes in 2025,” according to IDC Market Research. To put this into context, one zettabyte equals one sextillion bytes or 1,000,000,000,000,000,000,000 bytes.
Developing Data Literacy
In such a data-centric landscape, this means developing the right skill sets to:
- Leverage data to understand business directives and objectives
- Delve into raw data streams and interpret information to analyse causes and events
- Present data analytics as easily-understood insights in order to share business knowledge and offer an educated opinion in the decision-making process.
When The Times published its list of the best inventions of 2019, the common thread between all of the inventions was their relation to data, data analysis and technology. These novel inventions “reimagine how data is used, controlled and shared” in the private and public domain according to the World Economic Forum. Putting this into perspective, you’ll realise that data touches every sphere of our everyday lives.
Below we listed some of our top choices for innovations that relate to data:
- Style - Warby Parker Virtual Try-On Tool, an online fitting room - using augmented reality this app scans 30,000 facial points to determine a user’s features. Trying on glasses in real time is much easier due to the app suggesting frames based on your facial data.
- Consumer Electronics - Eight Sleep Pod, the world’s most advanced mattress - using advanced technology this mattress regulates your temperature, heart and respiratory rate, also offering a “sleep fitness score”.
- Education - Rakuten OverDrive Sora, trackable reading - this electronic library shares progress with teachers in live time, children can make notes as they read and reading time is trackable. This free app is being used worldwide in 23,000 schools and districts.
- Experimental - CATALOG DNA Data Writer, Cutting-edge data storage - based on the human genome sequence, this machine prints and stores 16 gigabytes of data on machine-coded strands in about 12 hours. This achievement is estimated to be 1,000 times faster than current machine capabilities.
- Social Good - Pelebox, no-wait Meds - waiting for life-saving or chronic medicine is a thing of the past. This smart locker is conveniently situated in city centres, and a one-time SMS provides access in under a minute.
- Helm Personal Server, protecting your data - relying on the cloud seems riskier due to the hacks and leaks that seem to occur all too often. Protect your data with an email and custom domain name. For work, store private emails, files, contacts and calendars securely.
- SoundPrint, find a quiet place - this app handily allows users to measure and report sound pollution. Using data from 80,000 crowd submissions, find that quiet nook in the library at a touch of a button.
- Food and Drink - Postmates Serve, modern meal delivery - Serve is a robot that is remotely-controlled by a human to navigate traffic. With capabilities to carry food weighing up to 50lb and 30 miles on one charge, you’ll quickly get your food. The verdict’s still out on whether you’ll have to tip Serve though.
It’s clear that keeping up with technology requires you to invest in building your career. Our part-time Intro to Data Analytics course helps you create career longevity by allowing you to develop a data-driven mindset and contribute meaningfully in the business.
Are you ready for the future of data?