The concept and Definition of Datafication

By Web Desk Mar 9 2023 10:31AM

The term Datafication is frequently used in the Big Data industry these days. This process includes transforming social action into online quantified data, to help businesses to improve their products and service offerings with real-time tracking and predictive analysis. The Datafication process converts previously invisible processes/activities into data, that can be monitored, tracked, analyzed, and optimized. 

The process of datafication mainly occurs in two steps. The first step involves collecting data from various sources and then analyzing the collected data with Artificial Intelligence/Machine Learning algorithms for decision-making.

The datafication process has so many real-time examples in various industries. This includes updating risk profile development and business models in the insurance industry, identifying employees' risk-taking profiles in human resource management, replacing sampling techniques in social science research, and analyzing the trustworthiness and likelihood of a person paying back a loan.

The benefits of datafication process are:

  • Gain Insight Into Your Processes
  • Facilitate Digital Transformation
  • Improved efficiency
  • Can be implemented across various industries
  • Enhanced data visualization
  • Helps in Data Management and faster data processing

Leave a Comment

Your email address will not be published.

Comment List