Datafication

Datafication: An Introduction

Datafication is a process which allows you to analyze  data, make real time predictions using this method which allows it to quantify data in terms of values. This data can be analyzed, optimised, etc. For eg: 

• Insurance: Data is used to analyze and predict risk profile, etc.
• Banking: Data can be used to analyze risk taking profiles, etc.

Datafication can help in a lot of industries. Datafication is being more and more used, humans making more and more data, a/k/a big data. Enormous amounts of data have been created by humans. Techniques which help in reducing these data for, i.e. quantifying them into values. Every time we use SMS, Phone, Message, Email, Tweets, etc, datafication comes into play.  Datafication helps in a new way of world visualisation, data being able to be visualised in a new way.

Impact of Datafication on the world and its industries:

Datafication in business:

As we saw, datafication is quite useful in life. For eg in business:

Companies now can do various tasks that will basically make our consumer experience better. Companies use datafication to give personalised-customer experience by using various insights into the consumers brains (just kidding).Datafication can help allow the company to look into your wishes, feedback, experience etc which can help analyze customer behaviour and shape the operational efficiency to the most optimal manner. Eg: Amazon. Amazon takes in data from from the browsing history, searches, etc. for customised user experience (UX ).

Datafication in retail:

Retailers can now also create personalised customer experience by collection and analysis of data. Through the browsing history, purchase patterns, etc the companies can drive their sales by advertising their products which are in accordance with the customer's interests. 
This can also help in grouping people which have some common interests which might end up buying the products due to the targeted reach to those common audience which can drive their sales.

Datafication in transport:

Many companies like Uber have taken advantage of the collection of data and the weather forecasts, GPS( Global Positioning System ) to take advantage to provide better  efficiency. Uber collects data about the traffic, weather, your GPS, driver availability to show the nearest driver which can take up your demand for a ride.
Companies can also manage  many fleet operations which  help them in managing fuel, petrol, ensuring optimal efficiency, etc.

The future:

The future of datafication looks bright. It has a lot of revolutionzing capability. We should be expecting more advanced, complex algorithms in the future to enhance the capabilities of datafication. Those companies who will understand and implement datafication can get a competitive vantage point.

Thank You,
Aniruddha KP

Sources:

1. https://www.linkedin.com/pulse/rise-datafication-understanding-concept-exploring/
2. https://nitsri.ac.in/Department/Computer%20Science%20&%20Engineering/DSL3.pdf
3. https://www.datasciencecentral.com/the-concept-of-datafication-definition-amp-examples/
4. https://www.linkedin.com/pulse/what-datafication-acompworld/
5. https://www.airswift.com/blog/datafication