What is the most valuable commodity in this world? Oil might be an answer. But for the last few months, oil no longer holds this accolade. It's something that we create every moment. Yes, you guessed it. Data.
Hard to believe right? The internet has been around for three decades and in terms of length of history, it is a blink of an eye and yet it gets to decide possession of what will give you a warmer pocket. All the technological companies, Amazon, Google, Facebook and many more are valued on the basis of user data they possess. The more data you have, the richer you get. Everything that you do, whether it’s listening to music, watching a movie on Netflix, buying a chai tea from Starbucks, you create data. Your behavior will give you targeted advertisements which boost these companies’ revenue.
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But how do they do it? How does something so raw and unorganized earn these companies billions of dollars in revenues so consistently? Here is where statistics and analysis come into play, aka data science. Have you ever wondered how you get an advertisement of a product if you just talk about it or search it? Have you ever wondered how Netflix makes a “you might also like” list for you and you actually like the suggestions? That’s data science working. Needless to say, the more users a company has, the more targeted advertisements its clients will get which equals more money.
Here is a mind-blowing fact: a data analytics company, Cambridge Analytica, created 5 million data points per user from their texting patterns, internet search patterns, app usage, credit card swipes, the location they live in, the shops they visit and much more. Surprise, surprise, they predicted the next move of their users down to the minute. Unbelievable, right? To be honest, they breached a few privacy laws and got some lawsuits, but this gives a rough estimation of how powerful data analysis could be. Practically speaking, you can prevent crime from happening, predict diseases by feeding details and symptoms to the computer and much more.
Right about now, you might be thinking, “I am not a large analytics company so how can it help me”? What if I tell you, you can legitimately make lakhs in just days if you know the ropes of data science. That is basically what stockbrokers and investors do. The days of betting your money on a company based on your gut feeling is gone! Nowadays, you can predict the stock value of any MNC to a considerable level of accuracy using the existing data.
Many of the current engineers are given the task to analyze this ever-increasing pool of raw data and make sense of it so that they can capitalize on it and keep improving the user experience and the quality of human lives. The most awesome example of this is the self-driving cars of Tesla. Initially, Tesla sent out normal cars and all of the people driving created data points, their driving style, pattern, speed, charging rate, etc. Then, their algorithm taught itself how to drive this car. Beautiful, isn’t it? What more can we achieve with this? Only time will tell.
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