Data is the new oil economist

The phrase "data is the new oil" was coined by Clive Humby, a British mathematician and entrepreneur, in 2006. He was speaking at a conference organized by the Economist Intelligence Unit, and his statement was later published in an article in The Economist.

The phrase suggests that just as oil was a valuable resource in the past, data is becoming increasingly valuable in the digital age. Just as oil was used to power industries and economies, data is being used to power businesses, economies, and societies.

The idea is that data is a valuable resource that can be extracted, processed, and refined to create new products, services, and insights. Just as oil is refined into various products such as gasoline, diesel, and jet fuel, data can be refined into various forms such as insights, predictions, and recommendations.

The phrase has been widely adopted and has become a popular metaphor for the importance of data in the digital age. It highlights the need for companies to collect, analyze, and utilize data effectively in order to gain a competitive advantage and drive business success.

Some of the key implications of the "data is the new oil" phrase include:

1. Data is a valuable resource: Just as oil is a valuable resource, data is becoming increasingly valuable in the digital age.
2. Data is a key driver of innovation: Just as oil was used to power industries and economies, data is being used to power innovation and drive business success.
3. Data is a key driver of competition: Just as companies competed for access to oil, companies are now competing for access to data.
4. Data requires careful management: Just as oil requires careful extraction, processing, and refining, data requires careful collection, analysis, and utilization.
5. Data has the potential to create new products and services: Just as oil was refined into various products, data can be refined into various forms such as insights, predictions, and recommendations.

Overall, the phrase "data is the new oil" highlights the importance of data in the digital age and the need for companies to collect, analyze, and utilize data effectively in order to gain a competitive advantage and drive business success.