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Technology has now infiltrated nearly every facet of human life, making the world more connected than it’s ever been. Think about it – in just a few short years a completely new tech vernacular has emerged, making commonplace inventive terms like trolling, cookies, memes and overgrams. One of the most descriptive, and now relevant phrases that has come into being as a result of the digital revolution is “data mining.” Data mining is exactly what it sounds like – digging for data. The idea that data is a valuable commodity is implicit in this phrase. And it is. In fact, recently data has become such a critical part of the business world and the world in general that the question has been raised: is data becoming a form of currency?
The intrinsic, quantifiable value of data is without question. Think about all the ways that data provides monetary value to companies. First, there is the obvious fact that data-informed insights are more likely to pay off. Eliminating “gut-based” decision-making allows companies to grow more consistently and methodically. Secondly, consider how the wealth of consumer insights available through data mining has allowed marketers and brand ambassadors to connect with their customers like …
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