The Most Valuable Resource in the Future

what will be the most valuable resource in the future welcome to a Lux calm the place where future billionaires come to get inspired Halloway lack sirs welcome back for another exciting video brought to you by our team here at a lacks calm we are all aware of the oil boom in the early 1900's and know how it helped oil-rich countries make their fortunes but today the world's richest companies are no longer selling oil with advancements in technology data has emerged as the most valuable resource for business so in today's video we are going to explore why data has gained so much importance in recent years and how it can shape our future introduction a Luxor's we're living in a sort of fourth Industrial Revolution the age of data and artificial intelligence today's largest global companies like Facebook Google and Amazon are all selling data and using data to make intelligent business decisions even industries are using and storing data through ERP or enterprise resource planning systems to improve efficiencies in production inventory and sales making decisions on the basis of real-time data as individuals we are also creating data on a daily basis through various platforms like social media smart phone apps and devices like Fitbit believe it or not 90% of data created in human history to date was produced after 2010 and it's expected by 2025 we'll be producing 120 billion gigabytes of data globally per day if you're wondering how companies like Amazon are making big bucks using data consider a football fan buys a $30 poster of his favorite team online Amazon uses this purchase data to target him with a $300 Jersey of his favorite team which she's also likely to buy thus a $30 sale leads to an upsell of $300 simply by the use of data this is how giants like Amazon use data to upsell and cross-sell various products and services to users and end up making big bucks in the process apart from ecommerce sites search giants like Google also make fortunes by mining data you must have noticed that your Google looks very different from your friend Schuylkill and that's because over the years Google has been collecting data through the searches you've made and now targets you with advertisements and information you're most likely to use which is handy but also kinda creepy right every second there are 2.3 million searches performed on Google and the majority of them lead to search pages including Google ads paid for by businesses every year businesses around the world make billions of dollars using Google's search and advertising tools making it the most successful platform for targeted advertisements in the first quarter of 2018 Google itself made twenty six point six billion dollars or eighty-five percent of its revenue from advertising knowing how businesses are making fortunes by using data let's now try to understand how data is changing our world altogether and helping us to build a better future how is data changing our world even though enterprises were among the first to see the potential of data data isn't all about business doctors and healthcare professionals are using data to provide personalized health care services and improve the quality of medical treatment given to each individual this approach helps to record detailed medical histories of a patient that can be transferred from one doctor to another without any information loss meanwhile through advanced algorithms data analytics is helping farmers to unlock highly valuable insights and perform precision agriculture real-time insights are helping farmers in decision making that covers everything from sowing seeds and applying fertilizers to suggesting adaptations needed for emerging weather events or disease outbreaks manufacturing industries are also using data based systems to continuously monitor and store critical information and predict failures or stoppages before they occur warehouses are using cloud-based ERP systems to maintain inventory and record parts before they go out of stock even further the finance industry has adopted data mining to facilitate online traders in making investment decisions to acquire consistent returns and this has helped invest to reduce the risk and make accurate predictions based on logic rather than estimations and guesses data will also play a key role in designing tomorrow's cities it's expected that by 2050 66 percent of the world's population will be living in cities and City Planning tools that can predict the impact of proposed inventions using data analytics will drive the future of urban planning in some countries data analytics is also being used by law enforcement agencies to predict criminal activities and deploy officers in advance big data analytics can also be used to avoid data breach and minimize the effect of breach from those that still managed to get through data can also be monetized in numerous ways and some businesses are even working on creating a marketplace where individuals can sell their personal data anonymously and securely a us-based start-up named nano vision is working on creating a token to incentivize molecular data collection through microchips data engineers are specifically developing protocols such as IOT a an Tomoko to enable a more decentralized ecosystem for data collection usage and exchanges such steps will turn the corner for individual data ownership and pave our way to an effective and impartial data marketplace that allows us to buy and sell our self-regulated assets in a way we choose and Alexis after watching this video you might become even more aware of the importance of data and your privacy and we know you of course love to stay online no matter what and that's why we recommend using a VPN it's a super easy to use piece of software that protects your data online so the government or other companies can't spy on you and you can enjoy the internet you know and love that's why we partnered with the great folks at Nord VPN to bring you an amazing offer just go to a lakhs comm slash VPN and sign up using the code a Lux that'll get you 70% off Nord VPN only three dollars forty nine cents a month plus you get an additional month for free to see if you find it valuable protect yourself on the internet today by going to a Lux calm slash VPN challenges and threats increasing use of data is also increasing risk of data breach and threatening the users with the fear of their private data being hacked well-known social media platforms like Facebook have always been at the center of data breach scandals recently Facebook was condemned for passing over user data to a data mining firm named Cambridge analytic aah the firm closed its operations in 2018 after it was found to have accessed over 50 million user profiles on Facebook unethically and helped Donald Trump's 2016 presidential campaign by influencing the political decisions of these users through targeted advertising Facebook's main product their newsfeed also has been criticized for paid ads and fake news that's influencing people all over the world in fact there are several accounts on Facebook dedicated to spreading coordinated misinformation about the governments of various countries what's more with growing concerns over data breaches people are becoming more conscious of their personal data in a recent study it was shown that 97% of customers across countries like the US Germany India China and the UK are concerned that governments and businesses will misuse their data in another international study it was also found that 75% of customers mistrust brands with their personal data assuming this trend will continue we can expect in the future big tech companies will no longer be owning data but rather will be managing it along with digital citizens even regulators are showing concerns regarding data privacy the Council of the European Union recently passed the general data protection regulation or gdpr that levies severe fines for non-compliance 4% of annual revenue or 20 million euros whichever is highest the gdpr consists of various new measures that will change the way businesses handle data altogether conclusion data is clearly the most valuable resource right now and in a world of data aggregation there are many companies making billions of dollars by collecting personal data and reselling it both ethically and unethically but with increased awareness among people and MA fide regulations by governments we can likely expect a future where people will own their data and businesses will manage it question hull right a lack sirs having such a large international audience we love to hear your opinions what do you think of the rising importance of data do you believe it's the most important resource of the future let us know in the comments and of course as a thank you for sticking with us all the way to the end here's your bonus after learning so much of the importance of data maybe some of you are interested in pursuing a career in data mining well if so it should be music to your ears to know that data mining jobs are considered to be one of the hottest career options right now a data mining analyst gets paid on average 117 thousand dollars annually in the USA and according to IBM demand for US data professionals will increase by three hundred and sixty-four thousand openings this year just some food for thought thank you for spending some time with us Alexis make sure to subscribe so you never miss another video we also hand-picked these videos for you to watch next as always the conversation continues on social media thanks again and we can't wait to have you back tomorrow

Channel: Alux.com

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Keywords: Alux, Alux.com, Alux Youtube, luxury living, luxury lifestyle, fine living, new life, most expensive, billionaire lifestyle, alux video, future, future jobs, future resource, data, data safety, data analytics, data jobs, data mining, data resources, data selling, protecting data, jobs in data, future resources, data is beautiful, data science, data analyst, data entry job, data structures, data in work, selling data, data company, data work field

Id: 38STVCRtww8

Length: 10min 8sec (608 seconds)

Published: Tue Jan 21 2020