Highlighting the crucial nature of algorithms, Iyengar added, "Data is inherently dumb. It doesn't actually do anything unless you know how to use it; how to act with it. Algorithms are where the real value lies. Algorithms define action. Dynamic algorithms are the core of new customer interactions."
The next great leap in machine to machine evolution in the Internet of Things (IoT) will be powered by the algorithmic economy, said Gartner in the statement. "Organizations will be valued, not just on their big data, but the algorithms that turn that data into actions, and ultimately impact customers," it added.