Data Science and metaverse: defining data to better take advantage of business opportunities

When we think about the future of digital, the idea of ​​the metaverse today always comes to the press. Metaverse is rather a fusion of virtual reality, augmented reality, and our physical reality. It blurs the lines between online and real life interactions.

The metaverse can be a place where people can work, shop, play, and have fun. Although this concept was still in its infancy, many ideas emerged, trying to imagine and draw 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 improve its vision for the Metaverse. This enthusiasm eventually spread to the business world. But if there is no capacity to use the resulting data to turn these business opportunities into business, organizations are likely to have difficulty reaping metaverse dividends.

An explosion of data is expected

Faced with this bright future, many questions have arisen as to how to set up this metaverse. One thing remains certain: this virtual world will generate an astronomical amount of data. However, companies have many data sources that need to be processed and analyzed. So the metaverse only adds to this phenomenon. Seen as the internet’s next comeback, the metaverse will help put data scientists on the inside of organizations. It is the duty of these teams to ensure that they are fully prepared to understand this data explosion and are able to take action insights from it to keep the business going.

A source of innovation if the data is used correctly

The metaverse has the power to change our daily lives. It helps us develop deeper connections with other people around the world. It is also likely to change the way organizations operate and bring innovation to customers, thus providing a new source of revenue. The possibilities are endless, if companies have the right infrastructure to take advantage of them. Currently, several organizations do not have strategies in place to maximize their data science capabilities. They are therefore limited in their true understanding of the data they have about the company or its customers. In an environment where the metaverse is sure to grow and change at a rapid pace, it is almost impossible for organizations that are less willing to catch up.

Data scientists are on the front line to help companies prepare

To reduce the time required to retrieve information, teams need to 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, while breaking down data silos and combining perspectives. Data science teams need to spend time thinking about all the current pitfalls they see in their data strategy, whether it’s siled data or an unmanageable amount of data sources. These lessons need to be applied so that they can effectively prepare for the future. Examining other new innovations, such as blockchain, cryptocurrencies, or the regulatory issues they face can help companies better understand the potential implications for the future. It’s a safe bet that regulations will be imposed around the metaverse quickly, especially to ensure companies operate in full compliance and process data accurately.

An organization to review and lessons to learn

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

While the metaverse has the power to enhance connections, grow relationships, and expand business, it will undoubtedly come with a long learning curve for businesses. So organizations need to prepare themselves now, for the metaverse, adequately. This approach is primarily concerned with ensuring that their data science approach is simple, modern and effective. So they succeed in giving meaning to this new world and in taking advantage of its new commercial opportunities.

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