Question

what does datafication referred to in the paper mean ?

Answer 1

Datafication essentially means storing values of different variables for any targeted person/company to create a big enough database and these data can be used to deduce any business decision/conclusion/customer profiling etc.

For example a big database can be created containing a large group of people's income,age group,shopping habits,area of residence etc and then these data can be used through regression/logistic regression/classification techniques to find different conclusion,For example

1.customer group favoring certain products

2.default probability in case of a loan

Depending on the industry and purpose,the variables' selection will be different for different industries.

the variables tracked by social media companies like twitter,facebook will be different from banks.

Thus through datafication we store the raw data in a structured way to apply different data science techniques.