Major advances in the way in which organizations collect and store their data have taken place over the past ten years, Business Insider reports.
As a result, the news provider claims that data sets which were previously left untapped are now being put to use by marketing executives around the world.
However, writing on the site, Chris Dixon, co-founder and chief executive office at Founder Collective, argued that the vast majority of information is still not available for analysis because it is not being electronically collected.
"This is changing rapidly as new data collection mechanisms are implemented - what engineers refer to as instrumentation," Mr Dixon stated.
In particular, the industry expert highlighted the potential for accurate data collection from smart phones.
He explained that organizations could learn about a person's location, activities, audio and visual environment "and probably many more things that haven't been thought of yet" through monitoring its use.
Posted by Richard Jones