I’m looking up in the sky, and I have no idea which cloud has my data. While the past century obsessed over liquid gold, industries today are fueled by data. Data has become increasingly ubiquitous with the advent of the information age, and data analytics is now the combustion engine of the future. It’s worth can be gauged by the fact that data driven companies like Google, Facebook, IBM, Amazon, Netflix are the current money magnates. But like any precious commodity they face the risk of smuggling, as was emphasised by the Facebook-Cambridge Analytica Data scandal. Hence it becomes rudimentary to acclimatise ourselves with this subject that has started a whole new ball game.
for free services. But not all the data produced is useful. In fact most of it is trash unless harnessed by the meticulous mind of an analyst. Hence it doesn’t come as a surprise that Linkedin recently reported Data Analysis as the only category that consistently ranked in the top 4 across all countries they surveyed. India, which had a handful of specialized analytics firms until a few years back, is now among the top 10 big data analytics markets in the world. There has been a rise in startup companies in this department, with established companies setting up internal analytics wings across industries, separate from IT and Consulting firms. The spotlight is now on data scientists, not to be confused with data analysts. While analysts derive insights based on hypotheses, data scientists are equipped with strong programming and predictive analytical skills. Analysts have a strong domain knowledge with a good understanding of the motive of the project, but they are increasingly training themselves with the required skills, though there is a steep learning curve involved. Knowledge of machine learning and deep learning might be conducive to fetch a job in the data industry, but it is also a coveted skill by itself in the present times.
Initially data collected was used to target advertising better but with the onset of Artificial Intelligence (AI), it has generated a new source of revenue. With the concept of Internet of Things taking forefront in almost all modern appliances, we are constantly generating tons of data through the sensors, following us from our offices to our homes. Greater its usage, more accurate its algorithm gets and its precision invites more happy consumers. These companies survive and thrive by knowing the seemingly inconsequential details of our lives. For instance, Nexar, an Israeli startup, has an app that converts your phone camera into a dashcam. If it detects a pause in motion at the same spot by several users it identifies that as a pothole or an obstruction. For using their app, people receive as remuneration a free dashcam and a detailed report of any accident they might fall prey to. With the data and the means to manipulate them, these companies possess a weapon, whose full impact we are yet to witness.
All this talk of data economy makes it imperative that we discuss its safety. Companies are no stranger to data breach, with top establishments like Yahoo, eBay, Uber, JP Morgan Chase, Adobe succumbing to hackers at some point of time. Yahoo, which was once valued at $100 billion, faced the worst end of the stick and is now reduced to being owned by Verizon. Facebook took it one step further and sold the personal data it was trusted with. In the blink of an eye people were transformed from consumers to consumables. The government is also moving towards the data age hence such scandals give them reason to be anxious. It, thus, explains the recent move by the Indian government, Right to Privacy, which gives its citizens “constitutionally guaranteed avenue to undertake measures for protection from data misuse, unauthorised collection and removes omnibus permissions making irresponsible reckless data sharing difficult”. Such measures not only build trust in the government but also restores confidence in a consumer that has just entered the market.
One such enterprise, which laid the cornerstone of data companies in IIT Bombay, is Shiru Cafe. Free beverages bargained for a few personal questions, seemed like more than a fair trade. The horde of students lining up after every lecture, to get them through just one more class, was a testimony of its approval. Its sponsors, which comprise of data and e-commerce companies, are busy exploiting our disdain of personal information and raking in millions selling that. While many would argue that this data has little value but when confronted with actual figures, their apathy takes a backseat.
Creating and providing data has become an indispensable part of our lives. We have finally begun to comprehend its value, while the industry it caters to is still in its infant stage. Whether it is a good news or bad news depends on whose hands it falls into. With a myriad new data firms emerging, it would be a matter of time we choose from an assortment of free services. And as the saying goes, if you get something for free then you are the product.
Recently, World Economic Forum suggested the use of data bank account. It proposed that a person’s data should “reside in an account where it would be controlled, managed, exchanged and accounted for”. While its a groundbreaking idea it has yet to see the light of the day. Corporate data, on the other hand, might have a difficulty incorporating this, since people willingly give away information in exchange
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