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What is Datafication?

 


What is Datafication?

Datafication, according to MayerSchoenberger and Cukier is the transformation of social action into online quantified data, thus allowing for real-time tracking and predictive analysis. Simply said, it is about taking previously invisible process/activity and turning it into data, that can be monitored, tracked, analysed and optimised. Latest technologies we use have enabled lots of new ways of ‘datify’ our daily and basic activities.

So, What Exactly is Datafication?

In business, datafication can be defined as a process that “aims to transform most aspects of a business into quantifiable data that can be tracked, monitored, and analyzed. It refers to the use of tools and processes to turn an organization into a data-driven enterprise.” 

There are three areas of business where datafication can really make an impact: Analytics In today’s data-driven world, analytics is king. By collecting and analyzing data, businesses can gain valuable insights into consumer behavior, trends, and preferences, allowing them to make informed decisions that drive growth and success.Marketing Campaigns Marketing campaigns can be supercharged with datafication, allowing companies to personalize ads and offers for specific customers based on their interests and behaviors. Forecasting Predictive analytics can help businesses forecast future trends and stay ahead of the competition by anticipating changes in consumer demand. 

  • 1. The Role of data in Decision-making and Strategy Development
  • 2. The Potential Benefits of Datafication for Businesses.
  • 3. The Impact of Datafication on Customer Experience and Engagement.
  • 4. The Competitive Advantage of Data-Driven Companies


Navigating the Risks and Challenges of Datafication in Business

Datafication also brings challenges and risks that companies must be aware of. Three key challenges and risks in particular are:

  • 1. Privacy and Security Concerns
  • 2. Ethical Considerations in Data Collection and Use
  • 3. Potential Biases in Data Analysis
  • The importance of datafication in business
  • Datafication: a new business model?
  • Data in the cloud
  • Data Protection
  • Data is king in a digital economy
  • The future of business is data fluency
  • Blockchain
  • AIOps
  • FinOps
  • Cognitive Computing
  • Edge Computing
  • Microweather
  • Warehouse Management Tech
  • Online Reputation Management
  • Hiring is now data-driven
  • The way for you to work with qualified data

What is the importance of datafication in a business organisation?

Datafication helps businesses improve their products and services by using real-time data. Plus, it is an important component in collecting customer feedback about the quality of the products and services offered by any company.

Take data-driven marketing strategies for instance. As one of the most important aspects of digital marketing, this process involves collecting customer insight through various channels such as social media, email and other digital platforms. The information can be used to create personalised campaigns for each client and targeting the right audience persona.





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