Which Side of the Data “Revolution” Will You Be On?

Surrounded by 12-foot-high cinderblock walls and military-grade biometrics, can you guess what is actually inside? Believe it or not, dozens of these superstructures are appearing across the United States. Every click you make, and every video you watch, it’s all digitally recorded inside one of these locations. Imagine these data centers like beacons proclaiming a turning point for business on a global scale. Ever since data has been dubbed the “oil” of the digital economy, companies of all sizes are faced with a virtual prisoner’s dilemma. As you will see, it all comes down to how to exploit the data fastest, most efficiently, and most securely.  

Anyone with an internet connection is now an involuntary participant in the world’s largest social experiment. Whether they know it or not, every keystroke lines the pocket of online actors. But just how much is your click worth?  It’s not uncommon for corporations to shell out millions to compete for a second of your attention. Tucked between cat videos and viral memes are algorithms designed to optimize revenue. According to Wordstream the cost for a single customer’s click in top industries is almost the same as a tank of gas:  

Insurance, $54.91 
Gas/Electicity, $54.62 
Mortgage, $47.12 
Attorney, $47.07 
Loans, $44.28 

Just think, the outrageous fortunes businesses previously shelled out to set up shop in Manhattan or Los Angeles are now blasted into the ether in a fight for the front page of Google. Such a frantic scramble for relevance fuels a “winner-take-all” environment where the quality of information is secondary to profits. It’s easy to see where the inequalities start to pop up. After all, what keeps an effective advertising campaign from becoming just another screaming contest into the void of the internet? Extreme competition encourages peddling sensational misinformation like the cigarettes and alcohol of the virtual world. In either case, whoever can best exploit the digital “tea leaves” comes out on top as the expert. This hunt for an information edge is revolutionizing business strategy. Even Harvard Business Review cites “The sexiest job of the 21^st century” – as a Data Scientist. 

We’ve never seen anything like this before. From the boardroom to the White House, more and more battles are being waged with spreadsheets. The foundations of the future are being built with zeros and ones. But many small businesses still aren’t taking maximum advantage of virtualization. In an economy experiencing critical shortages even something as simple as a virtual receptionist could become a lifeline. Automation technology and artificial intelligence (AI) are already being used to bolster a shrinking workforce. Wendy’s is set to use Google AI chatbots to assist stores by taking drive-thru orders in June 2023. Could you accept a computer asking if “you want fries with that?” Microsoft has announced a similar AI tool for widespread implementation alongside Microsoft 365. All that’s left is to discover how to start using these breakthroughs in your industry.  

The bar for innovation couldn’t be lower. Any task that doesn’t directly contribute to the bottom line is on the chopping block for automation. Companies can now identify areas of improvement with data analysis and execute with artificial intelligence. Upgrades that used to be viewed as an expense are quickly becoming areas of competitive advantage. Any business that can improve its virtual fluency will be in the best position to take advantage of the cutting-edge tools and resources of the data revolution.