Big Data in Business: Data, Revenue Streams, and Valuations
Part 2 of my “Big Data in Business” series.
What’s this about: Companies are sitting on a goldmine of data that is becoming increasingly valuable for their growth. The value of information is at an all time high, and the transformation into a data-driven business can greatly improve revenue streams and valuations. A data-driven business is one that transitions from experienced-based, leader-driven decision making to data-driven decision making.
>>> Before reading this piece, make sure to check out “Big Data in Business: Data Requirements for AI-Driven Businesses.”
Impact of Big Data on Business Environment
Big data is completely flipping traditional business valuations upside down. While oil and energy companies once topped the list of most valuable firms in the world, it is now dominated by tech companies like Apple, Facebook, Amazon, and Microsoft. What do all of these companies have in common? Data, data, and more data.
After all, as Clive Humby put it back in 2006, “data is the new oil!”
This data revolution is dramatically impacting the way organizations are behaving in the new environment. For one, they are beginning to recognize the value of being a data-centric business…
