Whilst the word “Datafication” is yet to enter a dictionary, I define it here as
"the transformation of events into data, or formats that can be stored digitally"
In the past, data was typically manually entered, via a keyboard, into a computer system. Today, many ‘events’ are transferred into data and ‘ingested, stored, processed and analyzed’ automatically.
We create data every time we use a website, send an SMS, tweet, email, watch a Netflix box set, call an Uber, withdraw money from an ATM, use a credit card, or wear a smart watch.
Simply put Datafication has begun to revolutionize the world in ways we never imagined. It is driving new business models, facilitating new processes and improving ways of working.
This is forcing companies to reexamine the way they do business. Business leaders and senior executives need to understand their changing environment, challenge the assumptions of their operating teams, and relentlessly and continuously innovate.
Datafication underpins digitization. It is helping us understand the world in unprecedented ways. Uber, Netflx, Facebook... rely on data. The worlds most valuable companies; Amazon, Alphabet (Google), Apple, Microsoft, Tencent, Alibaba... are all data driven companies.
My blog-site originally started out as thoughts on 'Digital Transformation'. The blog has now evolved to all things 'Datafication'.
This includes looking at the infrastructure, systems and tools used to manage data. Traditionally database software has been used to store data - and analytics tools used to turn data into meaningful information for businesses.
We are now seeing new platforms come into play - event streaming platforms.
It's no longer sufficient to store data and analyse data. We want to act on data in real-time. This is game changing.