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Why Photos are important Data when it Comes to Chargebacks | LoadProof

 

Data is the new oil of the Digital economy. It has been said that data in the twenty-first century is like oil in the eighteenth century. I don’t agree with this 100%. Like oil, data has to be refined before it is used, and it’s only as valuable as the insights that are drawn from it. Further, oil is a limited commodity, and we all know that the deluge of data is getting bigger every day. And with the proliferation of sensors everywhere, especially in mobile devices, it is much easier to gather data from business operations and also get much better insights from it.

We are data rich, but information poor, this is changing with the rise of AI, ML and the cost of computing power going down significantly experts are able to run several analytics models and cull out some deep insights from the data that is available.

According to a McKinsey Report [1]

  1. Companies have managed to generate 20% of their revenue from Data and Analytics products and services
  2. Data experts are getting a seat in the C suite
  3. Companies are incorporating something called “Data Culture”, adapting a Data and Analytics basis for all the functions in the organization, not just for decision making, but making data and analytics an integral part of everything of an organization,
  4. Above all, the high performers indicate that their leaders are creating both data and analytics strategies for the long haul. Meaning these organizations are making data a core part of employees’ workflows and mind-sets by educating them as part of a broader effort to build a strong data-driven culture. All the while, they are ensuring that high- quality data and modern technological foundations are in place to support these efforts at scale.
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