In today’s era of TV and the Internet, there has always been a significant pressure between Content and Data. What is better: to own the content, or to analyze the data? Till now, content is king, but there’s a new contender to the throne: “Data.”
However, when you can analyze that data, it can become a compelling part of modern media.
- Structured Data vs. Unstructured Data in Modern Media
- From a various marketing side, the easy way to think the difference between “structured” data and “unstructured” data is by thinking of the customer survey that you send out after someone has purchased a product or visited your store.
- Most of the questions will be “yes/no” questions, or you can scale from 1-10. It’s an easy way to maintain your database and then analyze for insights. With the help of Structured data, You can perform all kinds of statistical calculations very quickly.
- However, then comes all the “unstructured” data. Moreover, this is where organizations are starting up their game. A few years ago, that one would have required a human to analyze it. Now, thanks to artificial intelligence, it’s possible to have a computer analyze it and add it to a growing database.
- Moreover, the type of “unstructured” data that’s available today is growing at a fast pace, because of all the digital devices are present. Your mobile is a potential treasure of data that grows minute by the minute.
2. The Rise of Artificial Intelligence
- Moreover, the type of analysis that’s today is becoming quite popular. It is also called “predictive analytics,” which essentially promises to predict future customer behavior based on known data.
- You can predict how a marketing campaign will do, based on what you know about targeted types of customers. Software companies are coming up with AI-powered marketing solutions promise to help businesses.
- So, it’s no surprise that so many companies have jumped aboard the Big Data bandwagon. It promises to streamline just about every part of a company and create new revenue opportunities.
- As the analytical tools become more and more powerful, it’s leading to real excitement about the potential ability of AI to transform organizations.
3. Data Is the New Oil in Media
- Within the mainstream media, it’s now fashionable to compare the role of data in the digital economy to the position of Data a new oil in the analog economy.
- In 2014, According to WIRED magazine “Data is the new oil of the digital economy.” Earlier this year, The Economist remarked that “The world’s most valuable resource is no longer oil, but data.”
- If you follow this analogy to its logical end, it would seem to imply that companies best able to harness and extract this data will become the most valuable in the world.
- Just as oil companies like Exxon Mobil became the most valuable and influential in the world until the rise of Silicon Valley’s Internet champions, it’s plausible that new artificial intelligence (AI) companies will become the most valuable in the world, once they’ve truly figured out how to harness the remarkable power of data.
Moreover, when that day comes – the day when an AI company is worth more than an oil company or a Silicon Valley tech giant – that’s when Data will be King.