Newly released research underscores the importance of the data and its far-reaching effects across almost every aspect of the lives of consumers and businesses alike – it’s nothing short of a data revolution.
The report, titled “What’s the Big Deal With Data?” demonstrates that the worldwide economy and a smattering of industries will see direct benefits from key technological advancements around data collection and usage. Based on the study’s findings, global GDP is expected to see a spike of $15 trillion by 2030, all thanks to the current data revolution.
“People’s groundbreaking use of data is causing extraordinary change and progress across the globe. Their data-related efforts are empowering other people and communities, and helping businesses use resources more effectively,” said BSA President and CEO Victoria Espinel in a statement. “As the data-driven economy grows, new software will continue to help us all better understand and transform this data into even more real, actionable solutions.”
Commissioned by the Business Software Alliance (BSA), the research also delves into specific examples of how data is improving functions across a variety of industries. According to the report, the large majority of business leaders polled (90 per cent) cited data as an integral tool to help differentiate their organization from competitors and puts it on par with basic resources like labour, capital and land.
Although more data is being collected now than ever before, BSA officials say the new challenge is no longer simply compiling the information — it’s making it work for organizations and individuals.
“The biggest challenge now is knowing how to harness this data and put it to work,” Espinel said in a statement. “Data must be best gathered, stored, analyzed, and translated to achieve meaningful results, and decision makers around the world must understand the importance of policies that best enable this to happen.”
The report also cites a number of concrete examples where data has made noteworthy enhancements to business sectors and general life improvements, including:
- Earlier predictions of weather crises
- Reducing commute times
- Increasing farming yields
- Designing energy-efficient buildings
- Improving aviation
- Building “smart” cities
The revolution is real, and data is driving it.