Today’s economics is about extracting value from data. Business leaders call data the new crude oil as new revenue streams are generated from data driven business models and products. Economists call it the 4th industrial revolution as data is changing fundamentally how businesses innovate and operate. Here is how it works:
Sensors are being embedded in every machine, device, and process in order to track equipment operations, environmental and other conditions, and human and animal behaviors.
Data is being collected on a very granular level (typically milliseconds, seconds, or minutes) to capture the precise footprint of every operation, action, or status change.
Powerful and scalable algorithms allow to sift quickly through massive amounts of detailed data and reveal the root causes of the events that we want to manage.
Monetize the data by monitoring the devices and sensors in real-time and take actions to save costs, prevent events, or capitalize on other shifts in trends.