John is a business owner of a computer shop in small town Iowa. He started this company with a high school friend while in college.
His friend has since moved away from the company he co-founded to start another computer shop in Seattle. While they both are in the same business, his friend seems to have advanced in alignment with technology.
Data is a driving factor in growth and change and John sees how his high school friend is suing it to fuel his business and scale.
John feels like he’s been left behind in many ways by the new economy of information. So, he decides to research the rise of this new information economy and learns the following:
1. Data centers extract patterns, predictions, and other insights from raw digital information and extract value from computers. As devices become more connected, data centers power all kinds of online services and, increasingly, the world.
2. This new economy has many businesses trying to exploit a powerful economic engine called the “data-network effect” which uses data to attract more users, who then generate more data, which help to improve services, which, in turn, attracts more users and the cycle continues. This new information economy is beneficial for business owners to learn more about their customers increasing the benefits they can offer them.
3. The new information economy uses data to allow business professionals to learn as much as they can about their target audiences and the best ways to connect with these audiences. Thanks to this new information economy, John can not only reach his customers more effectively but more efficiently as well.
John now must put this newfound knowledge into practice. He begins by reaching out to his friend to help him establish his brand online and get up to speed on other technologies. Soon, John will have a new path forward in the new economy of information.
If you want to know more about the new economy of information, click the link below for more information.