Data as new oil

The concept of "data as new oil"!

This phrase was popularized by Clive Humby, a British mathematician and entrepreneur, who compared data to oil in a 2006 presentation. He argued that just as oil was a valuable resource that fueled the industrial revolution, data would be the fuel that powers the next revolution in business and society.

The idea is that data is a valuable resource that can be extracted, refined, and used to generate insights, drive decision-making, and create new products and services. Just as oil was used to power machines and transportation, data can be used to power algorithms, artificial intelligence, and other technologies that drive innovation.

The "data as new oil" concept has gained significant traction in recent years, as companies and organizations have come to realize the importance of data in driving business success. Here are some reasons why data is considered the new oil:

1. Value creation: Just as oil was used to create new products and services, data is used to create new value for businesses and organizations. Data is used to develop new products, services, and experiences that drive revenue and growth.
2. Scarcity: Just as oil is a finite resource, data is also a scarce resource. The quality and quantity of data are critical factors in determining its value, and companies are competing for access to high-quality data.
3. Refining and processing: Just as oil needs to be refined and processed to be usable, data needs to be cleaned, processed, and analyzed to be useful. This requires specialized skills and technologies.
4. Energy and power: Just as oil is used to power machines and transportation, data is used to power algorithms, artificial intelligence, and other technologies that drive innovation.
5. New business models: The "data as new oil" concept has given rise to new business models, such as data-as-a-service, data brokerage, and data analytics. These models are creating new revenue streams and opportunities for companies and entrepreneurs.

In summary, the "data as new oil" concept highlights the importance of data in driving business success and innovation. Just as oil was a valuable resource that fueled the industrial revolution, data is a valuable resource that is powering the next revolution in business and society.