INS

Datafication Definition: Cukier (2013) says it is "characterized by the ability to render into data many aspects of the world that have never been quantified before". In other words, it is turning aspects of life into data.

Datafication Example:

Banking; decides how much loan you can receive or how likely you will pay it back based on turning aspects of your life into data and judging these questions on that.

Insurance; data used to update risk profile development. Can lower or higher premiums depending on datafication.

Datafication Challenge: One challenge is apophenia. This is the problem of seeing patterns in data where none actually exist. Another challenge is that ethical frameworks and legal frameworks are needed here as they potentially abuse customer consent and transparency between customer and business is key to datafication being used.