Datafication: The New Fuel of the Digital Economy
Datafication is the process of transforming various aspects of our lives, including our behavior, activities, and interactions, into digital data. The digital economy, which encompasses all economic activities that use digital technologies and data as primary inputs, has become one of the fastest-growing sectors of the global economy. Datafication is considered the new fuel of the digital economy, as it powers innovations and new business models across industries, enabling companies to make better decisions, enhance customer experiences, and improve operational efficiencies. In this blog, we will explore the concept of datafication and its impact on the digital economy. The Growth of Datafication The growth of datafication can be attributed to several factors, including the proliferation of digital devices and sensors, the availability of high-speed internet connectivity, the growth of social media, and the emergence of cloud computing and big data analytics. Today, every aspect o...