Data is King

Data can drive businesses forward, crush political opponents, bully the vulnerable, and help build cities. Of course, data can be employed in many ways, both good and evil. There is nothing inherently wrong with accumulating data. It is the application of data that determines its value.

 We are used to businesses and organizations collecting our data. Modern society accepts this as a part of daily life. However, not long ago, it would have been considered invasive to collect data that is regarded as mundane today.

 The internet is like a modern data hunting ground. Businesses and organizations stalk us online, gathering bits and pieces of information and compiling them into a clear picture of who we are. They may or may not have our names, but they aggregate enough data to determine purchasing and browsing habits. Our habits help determine which ads we see while browsing.

 Data is shared and sold in staggering amounts. Browser fingerprinting allows companies to compile data to create a broader picture of who we are. As more data is collected, the influence of the data holder increases.

 Data influences elections as well. Imagine the data shows that party one has an established method of voting. Party two favors an alternate form of voting. Impacting either voting method could alter an election. None of this happens without data.

 Data is collected offline as well. Personal contact information, purchase histories, loyalty card data, and demographic information are just a few ways data is collected offline. Keeping our offline data separate from our online information creates a barrier that keeps online data anonymous.

 So far, we haven't even mentioned illegal methods of collecting data. Phishing, insecure networks, email scams, data breaches, and identity theft top the list of offline data theft. A single corporate data breach can expose millions of Users' data. The cost to both businesses and consumers can be astronomical.

 Consumers expect businesses to protect their data, and over 80% say they will not do business with anyone who does not take their privacy seriously. Consumers want transparent privacy policies that allow them to understand how their data is utilized.

 Gathering data is serious business. Data tells a story about the users it reflects. Each story can dictate advertising, influence buying habits, and drive market trends. The driving forces behind data collection are power and money. Billions of dollars are spent to purchase data each year. Businesses use data to direct marketing campaigns, establish inventory, make expansion decisions, and more. Politicians use data to determine voting patterns, constituent opinions, and the potential success of legislation.

 Data itself has little value until it is analyzed. Carly Fiorina, CEO of HP said, "The goal is to turn data into information, and information into insight." Data analysis can change the direction a company is going, alter the course of investments, and transform medical treatment. Is it any wonder that data is king?