The digitization of society rapidly generates more data. Around 2020, one million new devices will come online every hour, creating billions of new interconnections and relationships, and producing more and more data. The rise of social media and the fact that it becomes easier and more common to store information contribute to the explosive growth of data.
Data is dumb
All this data represents a particular value. But more and more data – ‘Big Data’ – does not directly bring value to us. Data by itself does nothing. You should know how to use it and how to act with it. The key to benefit from the intrinsic value of data lies in algorithms; following a set of rules in calculations in order to achieve a particular goal or solve a problem.
Algorithms are everywhere
Algorithms have become an essential part of our daily lives. YouTube recommends you videos you should like to watch, dating sites and job boards find the right matches for you, online stores know which products are interesting for you and the most well-known algorithm of all, the one from Google, is now a more closely guarded secret than the recipe for Coca-Cola.
Use it to your advantage
More and more data becomes available in all areas. But it is not the enormous load of data that provides opportunities, but how we use the data and convert it into valuable concepts. Algorithms are about insight and knowledge, both are critical for achieving competitive advantage in today's knowledge economy. For those who are creative and can think algorithmically a great future is ahead.
As a Product Owner, Joan Gaastra is in the driver's seat at Dysel. He decides which functionalities are developed and how they are prioritized.