In my current company, we have a 70% of data on how people use their electronics and because of that they are well placed in the market and making huge money with the data they have. There are petabytes of data and most of the resources are working on getting relevant information from those data and how we can leverage machine learning and give meaningful information about the data. The data mostly come from IoT-enabled devices and if I talk about IoT alone, it is one of the recent technology which is doing quite well in recent times as there is an increase of 20 or more per cent every year to have a connected device.
PC: Pixabay.com
Now using this insight into the data companies make more money and also for customers they can give better services based on the data they have. There are a lot of companies which actually work on the data only, and so is the data in the future. These credit card companies own almost everyone's mobile data and for them, this is huge thus a lot of newbie companies buy this data to offer their services.
I am not talking about the ethical or unethical way of collecting data but I know these data can play a huge role in one company's growth. We can think of Data as a new currency, where every company are directly or indirectly relying on the data as well as selling or buying them based on their needs. Like the tech giant, Facebook so sells users' data to some extent and that's why they are really growing so fast. Every now and then I get a new email or SMS all because someone might have sold my data somewhere which I do not know at all.
Data as a raw form is actually not that great and that's why people employ data scientists as well as machine learning engineers to get that data and show it in a good and structured form. Let's take the ChatGPT example, a lot of data scientists as well as machine learning engineers have worked on that to give us such a nice tool to query almost everything and anything. Someone can get any information in a structured form using ChatGPT and that is the beauty of data.
Now that does not mean that any companies that have petabytes of data are profitable, if the company does not know how to use them or does not have any idea to refine them for their use case then there is no use for this much data. And thus they cannot benefit from it too. So it is up to the companies too to get relevant information from the data.
