Data has always been of value to businesses.
Since the very beginning of time businesses have tried to receive data in as many forms as they can but at the same time this was to enhance the experience of the customers.
In every move of the ebusiness, the customers interacted with the business products and services, as a result of which data was collected.
This data was then transferred to the data pipelines of organizations where they used it to form representations.
This meant extracting what was of value. Because honestly, the data collected can include a large part of the garbage.
You never know what is disrupting the system especially when the data comes flowing in from so many sources, all at once.
Data is Creating Experience
Nonetheless, the data has been used to curate experiences, drive innovations, enhance business operations and most of all drive changes the world. In fact, data has been itself responsible for carrying out so many differences in the world.
One of the biggest examples of this is the way that data has transformed our experiences in a way that we ourselves have been used to it.
There was a time when all people used laptops for work and when they wanted to watch entertainment they downloaded what they liked.
But. if you talk to anyone today, what would they tell you about it? The point is that nobody downloads movies, songs etc. why?
Because of two things- first because the internet capabilities have significantly improved in the world.
This is leading to faster networks with lowest latency levels. Therefore, users have a seamless experience at any time of the day.
Another reason behind this fact is that customers are now more inclined to witnessing everything online.
Te companies like NEtflix, Amazon Prime, Hotstar among others have revamped the entire experience of users.
They are bringing quality content to these mediums, therefore the customer need not download anything. And honestly, who could even think of downloading and filling up their memory spaces, when they have got everything in their netflix accounts. Do you ever download emails? Exactly!
The popularity of these services has increased so much that people often find it difficult to distance themselves from it.
In other words, streaming services not only compete with each other but also with a person’s daily job activities.
Most people give in to their urge of watching the next episode and then the next episode when they should be doing something else in real life.
Such great impact has all been possible because of the data. If you observe closely.
When you sign up to these devices, you are asked to pick some of the genres you like. If you like romance, comedy, suspense, thriller, etc. just pick these categories and based on your responses, the algorithm will carefully curate the experiences for you.
And once you start watching these shows and movies, you are left with an irreplaceable amount of experiences.
The algorithm uses your choices to explore more options for you.
As a result of which you see different suggestions. For example, if you’ve ever subscribed to Netflix, you must have seen a small icon that tells you how much percent does the show match with your preferences.
So, let’s say that you watched ‘Enola Homes’ the algorithm will show ‘Sherlock Holmes’ web series as more than 90 percent match. As a user, you don’t have much of a choice left. You will at some point of time click to watch it.
If you’re wondering how this is happening, it is all because of data. As users, we are the ones giving companies real time data analytics. And these companies are using this data to create experiences for us.
Similarly, Spotify does the same for music and today we have so many applications in the world that are drawn with the insight of data.
But, this has been for sometime, in other words, we have been experiencing this even in the pre-covid scenario. So, what is it that changes in the post covid world?
The Post- COVID Scenario
In the post-covid scenario data will be used for a myriad of purposes. They will not just be limited to finding recommendations for the customer.
Because CODI has made everyone lose business except those in the world of streaming, it is natural that companies will look forward to harnessing this data for various purposes.
Charting is one area where organizations will extensively use data based insights.
This means that companies have to mitigate risks in the coming time if they have to sustain themselves in the market. And what better way to mitigate risks and come to conclusions, if not use the existing data for the task.
Similarly, revenue forecasting is another thing that will be on top of the mind of organizations.
COVID has seriously impacted the ability of the organizations to forecast demands. Earlier this was a huge matter of relief. but , with unpredictable circumstances and a new problem for the machine, cpst takeout seems like the only option that can be fully controlled.
The focus will be on reducing costs to a great extent so that the revenue can be optimized.
However, this poses an altogether different challenge. Organizations have to keep customers invested in them night and day. But at the same time reduce cost.
The balance between the two will be crucial and something that organizations will have to come to terms.