Date theft is new age technology oriented risk that all countries are facing today. It is said that whoever has data, is the master of the world. This sentence speaks for itself. So, securing the data is the critical factor for any individual, any business or any government.
New technologies are heavily used by rich countries. So, if developing countries do not get ready for this competition, then they may lose their data more easily.
Following chart of World Economic Forum represents the usage of technology:
So, in such a scenario, there is no surprise that this new concept of Data Dominance has gained prominence.
As per WEF – “The firms that benefit in the digital economy are those that can both amass large volumes of data and analyze them to create a competitive advantage.”
Profitable businesses such as Facebook, Twitter, Instagram, Sugar Cosmetics, and Shaadi.com have used this data in such a productive way that it has led to their growth. Merely having scattered data will not work because one needs to have the ability to analyze and use that data for business purposes. Traditional statistical techniques such as Standard Deviation, Regression, Sample size determination combined with Artificial Intelligence can help the companies in doing that.
Gathering data, then finding the useful part, then interpretation of the same and finally drawing the conclusion for business benefit is the whole process of data usage. Both talent and system is required.
So, one can only imagine the usefulness of data science by looking at the following statement given by Chinese venture capitalist Kai-Fu Lee in his book titled AI Superpowers:
“abundant data, hungry entrepreneurs, AI scientists and an AI-friendly policy environment”.
