Demand for data has been surging over the past few years. Companies are rushing to adopt in-house data warehouses and business analytics software, and are reaching for public and private databases in search of data to kick-start their artificial intelligence/machine learning (AI/ML) strategies. Due to the growing demand, good data is becoming a valuable commodity, like oil in the 20th century, and companies are beginning to compete for the most lucrative reserves. In order to understand why data is important for your business, you must first understand the five reasons if gives you a competitive advantage.
Until very recently, companies did not realize that they were sitting on a goldmine of data and did not know what to do with it. With the revolutionary advances in data mining and AI/ML, companies can now make use of data generated by consumers and users.
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