Why should you own your data?
In our current age the data has acquired the same importance to production as capital, labor, and land. For nowadays technology start-ups little office space and capital is required. But without the right kind of data and talent a successful, growing takeoff is highly unlikely. It is anticipated that by 2020 there will be at least 16 zettabytes of useful data. That equals 16 trillion gigabytes. According to one estimate in 10 years there will exist 150 billion measuring sensors connected to the network. From then on, every 12 hours the volume of data will double. Already many companies are trying to get big money from big data.
Big data is one of the emerging fields, where innovative technology provides new ways of extricating value from the voluminous amount of new information. The capability to extract knowledge and effectively manage information is now perceived as a key competitive advantage. Many organizations are establishing their core business on the ability to analyze and collect information, to extract business insight and knowledge…
Sources:
1. Cavanillas, J. M., Curry, E., & Wahlster, W. (2016). New horizons for a data-driven economy: a roadmap for usage and exploitation of big data in Europe. Springer.
2. Helbing, D., Frey, B. S., Gigerenzer, G., Hafen, E., Hagner, M., Hofstetter, Y., & Zwitter, A. (2019). Will democracy survive big data and artificial intelligence?. In Towards Digital Enlightenment (pp. 73–98). Springer, Cham.
3. Turner, V., Gantz, J. F., Reinsel, D., & Minton, S. (2014). The digital universe of opportunities: rich data and the increasing value of the internet of things. Rep. from IDC EMC.
