Data usage has exploded in the past decade. Increasingly complex data analysis and applications of data have become a staple across all industries, going as far as allowing firms to predict consumer behavior, wants, and needs accurately.
On top of that, data accessibility is a game changer: 2.5 quintillion bytes of data are created each day, and with the rise of IoT, that number is only expected to grow exponentially. It’s estimated that some 90% of data in the world has been generated in the last two years.
Every time the average person uses social media, clicks on a company’s account, searches for clothes in a search engine or texts, she generates more and more information that is collectible to advance a company’s understanding of what exactly consumers are looking for, even if they don’t know it themselves.
Speaking at Finadium’s Technology for Collateral, Liquidity and Balance Sheet Management event on September 25 in New York, Patrick McCreesh, co-founder and EVP of Simatree, a management consulting firm specializing in data-driven decisions and strategy, framed the data conversation around the transition to Uber from taxis.