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Data is the New Currency and Data Analytics is the New Bank

The digitalization of businesses is the core reason behind the increased usage of big data optimization services. Data Monetization provides useful insights to filter the audience and target accordingly.

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Data is the New Currency and Data Analytics is the New Bank

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  1. Data is the New Currency and Data Analytics is the New Bank hi@thinklayer.com Thinklayer

  2. WHY IS DATA ON HIGH DEMAND? Data is the most important source for businesses to grow in the modern era. Companies and brands utilize consumer data to offer the best experiences and recommendations. Several companies are providing Big Data Analytics and Optimization Services along with Data Warehouse Solutions. These services will help businesses to flourish on a high scale. It is estimated that by 2023, the big data industry will grow up to $77 billion. The digitalization of businesses is the core reason behind the increased usage of big data optimization services .  The frequency of internet users has increased dramatically over the past decade. Big Data is here to stay for a longer period, and after seeing the present analytics, we can say that it will surely benefit a huge number of businesses. Thinklayer hi@thinklayer.com

  3. WHY IS DATA CONSIDERED AS THE NEW CURRENCY? A few years back, Deloitte drafted a report mentioning Data as the New Currency. The global tech giants are moving ahead in Business Analytics and are looking forward to Business and Data Analytics Solutions. One research has claimed that shortly organizations can expect a 25 percent hike in their revenues from data monetization.  There is also a risk to security and privacy. Therefore just like we protect the currency, similar care is required for the data being used.  Thinklayer hi@thinklayer.com

  4. It resulted in an enormous amount of data exhaust. But now, data analytics has gone too far. Now there is no need for you to share incredibly confidential information.  The companies treat data with much safety to avoid any discrepancies. And if your data is safe, it will make you earn huge revenue and the ultimate growth. Previously whenever we exchange data with any website or company, or bank, the company could access all our confidential information. Everything would get shared with them through screen scraping. Thinklayer hi@thinklayer.com

  5. DATA ANALYTICS AS A BANK  IDC has forecasted that between 2019-24, the revenues from big data technology will grow up to 15.6 percent. We all are aware that 2020 has been a year of remorse for many organizations. A few businesses that make it to survive during that period are the Big Data Services, Data Warehousing, and Data Analytics Services. They have achieved critical growth irrespective of the economic uncertainty. Continuously shifting needs of the consumers are pushing organizations to change their strategies to drive revenues.  They are switching to Data Analytics, Big Data Optimization Services, and Data Warehouse Solutions. The emerging trend of e-Commerce and digitalization of businesses has provided data to emerge as one of the most important assets. As a result, most of the brands are moving ahead with Data Analytics.  Thinklayer hi@thinklayer.com

  6. NETFLIX AS A DATA-DRIVEN COMPANY  They decide everything based upon the insights and data analytic tools Netflix uses this data to appeal to its users globally.  Netflix has been a data-driven company from the very origin of it. Here we are discussing one of the most popular entertainment platforms. For example, Netflix is making a stake in those artists who are not so popular, but with the confidence of their data analytics tools, they took the risk and generated huge revenue in the past two years. Thinklayer hi@thinklayer.com

  7. ROLE OF GOVERNMENT IN DATA ANALYTICS  By far, we have understood that data is truly the new currency. It will facilitate businesses to earn handsome revenue in the coming years. And it is all possible because the Government acts as a facilitator of the data economy. The Government provides platforms for data exchange. It creates and maintains the parameters for the regulation of Data analytics.  The Government acts as a regulator concerning data privacy issues. Government develops standards for the Digital Privacy Bill of Rights.  Thinklayer hi@thinklayer.com

  8. Governments also provide infrastructure for growing data markets. The well-known among these is the UID (Unique Identification) Program of the Indian Government.  It converted the personal data of the Indian Citizens as currency by using biometric impressions.  This database is so large and used by different businesses and the Government to create a market for various products and services. Government can lead Big Data Services from the front. It can help businesses in many ways in earning good revenues using data. Also, we can consider businesses to play a role in performing their Corporate Social Responsibilities by sharing data with the Government and helping in the welfare of the nations.  Thinklayer hi@thinklayer.com

  9. CONCLUSION: • As we know that Data is the New Currency and Data Analytics is the New Bank, so get started with the top services of Data Analytics, Data Warehousing Services, End-to-End Data Solutions, and many more for your businesses. • Don’t worry if you don’t have an idea of where to start. We at Thinklayer are there to help you in mining money out of the Data Analytics Bank. Thinklayer hi@thinklayer.com

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