Data is central to innovation in the digital era. Nonetheless, some conditions will primarily make the idea a reality. In this article at CIO.com, Martin De Saulles shares the five factors that will prove that data will rule innovation in 2020.
How Data Will Become Paramount
Innovation has gained pace today because companies can analyze data and implement the improvements faster. Here are the five factors that will make data rule the innovation game in 2020:
Laws and Regulations: Thanks to data protection laws like GDPR, customers have more power over their personal information. The laws compel organizations to use their customer data by asking for consent up front. The majority of the websites nowadays ask for consent through popups. Once customers confirm, they can freely use their data. Whether it will impact the business models of leading brands is open to speculation.
Change of Policies: The US and European policymakers are making stricter policies for market-dominating brands like Facebook and Google. Standard Oil and AT&T were broken down because their monopoly stifled the smaller businesses. Though digital natives can achieve far more innovation with fewer resources, they too can face similar fates.
The Finance Factor: Despite gaining much popularity, Uber and Lyft have seemed to not make significant breakthroughs in the recent quarters. In the current global state, the healthcare sector seems like a good domain for innovation.
Rise of Emerging Technologies: Organizations are willing to implement AI and ML to scale and iterate faster business developments. However, they must role out actual working models rather than designs to encourage investors.
Data Outsourcing: Data has been the new oil. Facebook and Google have proven that. However, they can no longer wish to monopolize the game. Amazon Web Services has launched AWS Data Exchange that will allow smaller competitors to buy relevant data.
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