Using Data as Currency: Your Company’s Next Big Advantage

Snyder, S. A. (2021, May 13). Using Data as Currency: Your Company's Next Big Advantage.
InformationWeek. https://informationweek.com/big-data/using-data-as-currency-your-
companys-next-big-advantage/a/d-id/1340963.

Summary:

In recent years, more and more top leaders of large companies believe the new phrase “data is
the new oil.” Companies that turn data into real value are rewarded with higher market valuation
against their competitors like Amazon. They have done the following:

1. These companies recognize the importance of data and eager to discover their potential
value to become successful.
2. CIOs and CTOs help other leaders to monitor their data asset accessibility and how to
collect more data.
3. Technology leaders can help the business section to better value their data sets.
4. Companies collaborate with each other’s to create an ecosystem by sharing data.
5. Companies have critical data science skills to reveal the actual value of data.
6. Organizations’ leaders are responsible for data transparency and ethics.

Data is the new asset in the digital economy; data is becoming more and more valuable. As a
result, companies’ leaders need to understand how big data and technologies can help them grow
their business.

Reaction:

Data is getting more valuable than ever; therefore, the fastest-growing companies are data-based
platforms across the world like Google, Alibaba, Tencent, and Facebook. In addition, more and
more businesses worldwide realize that their data centers are potential revenue centers instead of
cost centers. As a result, they start treating the company’s data as an asset to create new products,
improve services, attract new customers, and increase sales opportunities.

While opportunities are lying ahead of companies, challenges exist as well. New data growth,
data privacy, human errors, and data security are the biggest challenges in global data protection.

In this class, we learn how to use modern-day data tools like SQL and Rstudio to extract,
cleanse, and transfer row data into a usable format for analytical purposes. We can manipulate
the data to make it valuable to end users. Data transformation is a required step to convert data to
suit the targeted destination. Companies rely on data transformation to process extraordinary
amount of data generated by software and applications.