Data Science and the metaverse: giving meaning to data to make the most of business opportunities

When we think about the future of digital, the notion of the metaverse is currently coming out very regularly in the press. The Metaverse is a fusion of virtual reality, augmented reality and our physical reality. Blurs the lines between online and real-life interactions.

The metaverse will become a place where people can work, shop, play and have fun. Although this concept is only in its infancy, many ideas have emerged, trying to imagine and trace the contours of this new “reality”. Last year, this interest was further heightened when Facebook changed its name to Meta and announced its willingness to spend at least $ 10 billion to develop its vision for the Metaverse. This enthusiasm eventually spread to the business world. But without the ability to leverage the resulting data to turn it into business opportunities, organizations are likely to struggle to reap the metaverse dividends.

An explosion of data is to be expected

Faced with this promising future, many questions arise as to how this metaverse will be set up. One thing remains certain: this virtual world will produce an astronomical amount of data. However, companies already have a multitude of data sources that need to be processed and analyzed. The metaverse will therefore only increase this phenomenon. Regarded as the next iteration of the internet, the metaverse will help put data scientists in the spotlight within organizations. It is up to these teams to make sure they are fully prepared to make sense of this data explosion and are able to extract information that is usable enough to move the business forward.

A source of innovation provided that the data is used correctly

The metaverse has the power to revolutionize our daily life. It can help us develop deeper connections with other people around the world. It is also likely to transform the way organizations operate and bring innovation to customers, thereby providing a new source of revenue. The possibilities are endless, as long as companies have the right infrastructure to take advantage of it. Currently, a number of organizations lack strategies in place to maximize their data science capabilities. They are therefore limited in real understanding of the data they have about the company or its customers. In an environment where the metaverse is sure to grow and innovate at a rapid pace, it will be next to impossible for organizations that are not well prepared to catch up.

Data scientist at the forefront to help companies prepare

To reduce the time it takes to find information, teams should ensure they have a cloud data platform that can collect and process internal and third-party data with a single point of access. To learn from the metaverse and help predict future outcomes, this model must be able to process structured, semi-structured, and unstructured data, breaking down data silos and unifying insights. Data science teams need to spend time thinking about all the current pitfalls they see in their data strategy, whether it’s isolated data or an unmanageable amount of data sources. These lessons then need to be applied so that they can effectively prepare for the future. Examining other recent innovations, such as blockchain, cryptocurrency, or regulatory issues they have faced, can help companies better understand the potential future implications. It’s a safe bet that regulations will be put in place across the metaverse fairly quickly, especially to ensure businesses are operating in full compliance and processing data appropriately.

An organization to review and lessons to learn

Companies also need to put the right processes in place so that data scientists don’t have to duplicate entire data sets. This will reduce potential security or compliance issues, while maintaining granular controls to ensure that only authorized users and ad hoc applications have access to this data. While we don’t know exactly what the metaverse has in store for us, having the right platform in place will allow companies to respond and be flexible in their approach. It is important for data science teams to see the metaverse with an open mind and as a unique opportunity to secure the future of the business. In fact, with all the additional information they can gather, they will give themselves the best chance of being in a favorable position relative to their competitors. They will thus be able to leverage the virtual world to better understand and serve their customers.

While the metaverse has the power to foster connections, grow relationships, and expand business, it will undoubtedly have a steep learning curve for companies. Organizations must therefore prepare now for the metaverse properly. This approach involves in particular ensuring that their approach to data science is simple, modern and effective. They will thus be able to make sense of this new world and take advantage of its new business opportunities.

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