Years ago, when long-distance communication between individuals was much more complex, the collection and usage of data were difficult, if not impossible. There simply wasn’t a reliably means for organizations to gather large amounts of data. But the advent of the internet has radically altered that. Now, in the view of professional data scientists like Jonathan Cornelissen, data is becoming “the next big thing” for organizations of all types. We compiled a brief overview of how this push towards increased data usage is impacting the economy today.

Data education

Due to the increasing importance of data, there has been a marked growth in demand for data-literate individuals in the workplace. This is evident in the expansion of DataCamp, a company started by entrepreneur Jonathan Cornelissen. The company, which was founded by Cornelissen while he was pursuing his Ph.D. in Econometrics, seeks to provide an engaging platform for learners of all types to increase their proficiency in how to collect and analyze data.

That platform has grown substantially over the years, from a small startup with a few colleagues working on a prototype, to a large company which has educated over 4 million users to date. That number is partially the result of the newfound respect for the power of data that has permeated the economy as access becomes more reliable. Increasingly, companies are understanding that employees trained in data collection and analysis can contribute substantially to the overall success of a brand. This has compelled organizations to not only prioritize hiring employees with data experience but also to provide educational opportunities to all employees.

Reasons for the increase

With all of this activity around the field of data science, it’s worthwhile digging further into the reasons for the increase of data access. While we’ve mentioned the influence of the internet above, it’s important to note that technology is responsible for increased data usage in more than one way. One obvious means for data collection is social media. Never before in human history has there been such a powerful tool for understanding the trends and activities of such a large population of people. Social media is a huge contributing factor when looking at the growth of the data science field.

There are, however, other factors that have contributed greatly to this growth as well. One of these is the widespread usage of smartphones and other smart devices. These devices have access to various kinds of data that have previously been largely inaccessible. Data pulled from these devices can be used to help organizations better serve users, such as through traffic advisories along routes that one habitually frequents. This information can be invaluable for users seeking to minimize the time of lengthy commute.

No matter how specific data is collected or utilized, it’s clear that the field of data science is becoming increasingly important as time goes on. Work by Jonathan Cornelissen and his company DataCamp has helped increase access to this field and contributed to its usage in the overall economy. Look for further updates in this area as it continues to gain importance over time.