Data is one of the most critical aspects of our twenty-first-century society. Forbes estimates that data analytics and business intelligence services are likely to bring in as much as $200 billion by 2020. Cultivated data is a big business because of the insights contained within the facts and figures. With the right software and the right analytics, a company can theoretically figure out what makes its customers tick and thereby figure out the best ways to market to them. Data scientists and analysts are already in demand across the corporate landscape as more and more businesses start to realize how Big Data changes the game.
Exploring Cultivated Data
Cultivated data is a form of processed data that takes raw snippets and transforms it into information that a company can then use for a specific purpose. Data processing of this type doesn’t necessarily have to involve the massive processing power or volume of data that traditional Big Data processing does. Instead, it can simply be a new way to explore data that already exists within an industry and garner new insights into that data.
Raw data is available from many sources, and data has become such a ubiquitous part of our lives that we rarely even give a second thought to the data that companies collect from us. Applications like task lists can collect data that may be used alongside AI to predict the shopping patterns of the average consumer and market products to them based on this. As PC Mag succinctly states it, somewhere, someone is making money from observing what we do online.
The Middlemen of Data Insights
Everyone who has been using the Internet over the last decade is aware of what social media is and how it operates. The most profitable social media companies offer their services to consumers for free. According to Business Insider, even though businesses like Facebook don’t make any profit from its users, the enterprise generated $16.29 billion in revenue in the second quarter of 2019. The users aren’t the buyers. The advertisers are the buyers, jostling for position to keep user eyes on their product and potentially profit from that attention.
Facebook demonstrates the understanding that for digital business to work well, data is essential to figure out where the core demographic of a particular product exists and how to get in contact with those people. On more than one occasion, impressive products have fallen by the wayside because of poor targeting and terrible marketing decisions. Data, with the help of Adeptia, helps businesses avoid this problem, and because of this simple fact, data has become one of the most valuable assets anyone has to sell.
The Future of Data Aggregation
The future of data science will come from the data aggregation and analytics field. Companies and governments that can leverage their skills towards the collection and processing of data, then selling that cultivated data to interested parties have the most to gain from this new global economy. Countries have already started to consider options for private startups that deal with data aggregation and processing. As time goes by, these contributors to countries’ GDP may start to dwarf even the natural resource production that drives them today.
The cost of a startup in this space is still relatively small, and the field is obscure enough that many established entrepreneurs overlook it. With new pressure being put on tech giants like Facebook and Google to tone down their efforts, there might open up space for smaller companies. These businesses can seek to offer the sort of centralized aggregation and analytics processing that the tech giants already do, but with better-costed services. Data is the frontier on which the entrepreneurs of the future will be staking their claim.