Datafication is a happening technological trend that transform most aspects of a business into quantifiable data that can be tracked, monitored, and analyzed. It refers to the use of tools and processes to turn an organization into a data-driven enterprise.
Datafication, according to MayerSchoenberger and Cukier is the transformation of social action into online quantified data, thus allowing for real-time tracking and predictive analysis.
Datafication refers to the process of transforming various aspects of our lives into data that we share through social medias, shopping sites, and even through the searches we make in search engines, that can be collected,analyzed, and used for various purposes. It involves the conversion of analog information (such as text, images,and sound) into digital data that can be stored, analyzed, and manipulated using computers.
The term datafication is often used to describe the process of collecting and analyzing vast amounts of data from various sources, including social media, sensors, and other digital devices. This data can be used to gain insights into human behavior, track trends, and develop new products and services.
Datafication has had a profound impact on many aspects of our lives, including business, healthcare, education, and government. For example, businesses can use data to optimize their operations and improve their products and services, while healthcare providers can use data to improve patient outcomes and reduce costs.
It’s nothing but a process of collecting data of individual besed on their interests through their searches made, their need of purchasing any products etc. These datas are used by the big concerns. For example, if we are searching about insurance policies and their terms, we automatically get auto suggestions for various plans from different companies. Ads pop-up regarding the search we made in whatever site we are presently. Thus datafication creates a huge market.
It even creates the trustworthiness of your previous loan repayments when you are need of a new loan.
Youtube and Online movie platforms suggests your favourites based on your previous search and such datafication entered our day to-day lives.
However, datafication also raises disputes on privacy, security, and the potential for misuse of data. As more and more of our lives are transformed into data, it is important to consider the ethical implications and to develop appropriate safeguards to protect individual rights and interests.
Datafication can be catogorised concept wise as three innovative concepts that allow the logic of value creation to be rethought – dematerialisation, liquification and density (Normann, 2001).
The data is classified into majorly four categories:
Nominal data.
Ordinal data.
Discrete data.
Continuous data.
As datafication becomes more common nowadys and the impact our everyday lives became more widespread, the development of new frameworks for understanding is becoming increasingly necessary. In addition, datafication requires a significant re-assessment of several areas of an industry’s operation.
