The Growing Impact of Data, And What it Means For You

Data isn't just about information. It's a transformative force that can shape our organization's decision-making processes and future strategies.

How does data impact your daily life? Do you have to be a data scientist to make the most data insights for your business? In this article, we discuss the growing impact of data and what it means for your organization.

Data is everywhere

The world is rapidly moving towards a global digital reality, where 50% of jobs will be computerized, and at least a third will involve software, robots and intelligent machines.

By 2030, it's predicted there will be 7.5 billion internet users - an estimated 90% of the world's population. These internet users are creating massive amounts of data.

A study by Finances Online estimates that the data consumption from 2020 to 2030, will reach 660 zettabytes—which is equivalent to 610 iPhones (128GB) per person. Also, 1.134 trillion of data is created daily. To put this into context, one zettabyte equals one sextillion bytes or 1,000,000,000,000,000,000,000 bytes.

Data is driving growth and change; to an extent, it is becoming the new business economics. Since working with data is becoming inescapable, workers need to become researchers, problem solvers, strategic thinkers, and critical communicators—all at the same time.

Their responsibilities often include the following:

• Predicting consumer trends and behaviours
• The ability to meaningfully understand data
• Sharing the results of data analytics with teams
• Increasing business productivity
• Driving effective decision-making

In such a data-centric landscape, future professionals must develop the right skill sets to leverage data to understand business directives and objectives. In addition, they must also be able to dissect raw data streams and present data in an easy-to-understand format for stakeholders.

Data in industries

Let's take a look at some key industries where data plays a pivotal role:

• Healthcare: Data drives advancements in healthcare by helping diagnose patients, providing treatment strategies and predictive analytics. Furthermore, electronic health records, medical imaging, and genetic sequencing generate vast amounts of data, leading to better patient outcomes and healthcare management.
• Sustainability: From environmental monitoring to renewable energy optimization, data helps address numerous sustainability challenges. It can help users manage resources and facilitate sustainability practices in industries like energy, agriculture, and urban planning for a more eco-friendly future.
• Business and Commerce: Data fuels strategic decision-making processes in the business world. Data-driven insights are the backbone of strategic marketing campaigns, product development and supply chain optimization across multiple industries. Understanding data helps businesses grow and gain a competitive advantage.
• Finance and Banking: Data is key in the financial and banking sector. It helps power risk assessment, fraud detection, algorithmic trading, and personalized financial services. It enables real-time analysis of market trends and customer behaviours, so companies have robust investment strategies.
• Education: Data facilitates personalized learning experiences. Data can monitor student performance and tailor educational approaches based on their skill level by diving into analytics. The use of data across these industries shows that data is not just a buzzword. Instead, it drives innovation, efficiency, and progress across many sectors.

AI and data

In the foreseeable future, we'll use AI to perform tasks. According to Authority Hacker, 35% of businesses use AI. In addition, 9 out of 10 leading companies invest in AI technologies.

As society relies more on AI, it will also lead to the generation of massive amounts of data.

For example, AI systems such as IoT (Internet of Things), autonomous vehicles, and smart devices continuously create large volumes of data. These systems collect, process, and transmit data in real-time to deliver the information organizations need.

The demand for data professionals will increase as AI-driven technologies generate more data. Data scientists, analysts, engineers, and AI specialists help interpret complex datasets, develop AI models, and ensure good data quality.

Becoming a data scientist involves more than just data interpretation. They also need expertise in AI, machine learning, data mining, and statistical analysis. In addition, they may require knowledge and experience in a specific industry to interpret AI-generated data quickly and effectively.

How you can leverage data

Data serves as the foundation for making informed decisions. Leveraging data effectively is essential in virtually every sector—from healthcare to finance, retail to manufacturing.

In the healthcare sector, data-driven insights aid in the diagnosis and treatment of individuals. Similarly, the financial industry relies heavily on data to evaluate risks and market trends.

Retailers use data to segment customers, manage inventory and offer personalized experiences. When did you last use an e-commerce platform to check your purchase history or account information? That's made possible with the help of data.

Manufacturers also use data to optimize their production processes and streamline logistics. Without data, the process of creating products will take a long time.

Across these industries, the ability to derive actionable insights from data empowers businesses to make informed decisions. Data-driven decision-making isn't just a trend. Instead, it's a fundamental strategy that helps shape the success of modern businesses.

How you can level up your data skills

The use of data shapes our world in unprecedented ways. Data-driven insights help drive innovation, shape industries, and define how we navigate our interconnected world.

Keeping up with technology requires an investment in building your career. Our part-time Intro to Data Analytics course equips you with the skills and data-driven mindset you need to drive impact at work.

Ready to go all in? Whether you're interested in Data Analytics or Data Science, we have a program for you.