The world has seen an explosion of data collection. We are becoming ‘datafied’; our locations, behaviours, interests, patterns and interactions. In the past, data was very expensive to collect, usually via surveys or a census, but today the ability to do so easily and at reduced cost makes it meaningful and helps unlock new opportunities.
First, there is a fundamental shift of mindset.
We have moved from a world of causality to an exploration of correlations. For example, Walmart uses data to forecast buying trends. By monitoring the weather and assessing the seasons, they cross-reference what the biggest sellers are during these periods.
