DATA IS THE NEW OIL.
The concept behind “data is the new oil” is that raw data isn’t valuable in itself, but, rather, the value is created when it is gathered completely and accurately and connected to other relevant data in a timely manner. When properly refined, usable data quickly becomes information which is a useful decision-making tool that allows companies to react to market forces and be proactive and intentional in their decision-making.
Today’s economy has largely changed from being an industrial economy to a digital economy where data is more valuable than ever. It’s the driver of everything in governments, organizations, businesses and local companies.
In today’s COVID-19 world, the economic value of data has been greatly realized. In concert with the unprecedented speed at which the virus has spread, many organizations must now make difficult decisions on how to thrive and survive. Just like crude oil to be useful it must be completely refined and filtered, data in today’s worlds acts as a raw material which must be analyzed, processed and fetched carefully so that it can generate useful information for its users. The demand for accurate and up-to-date data, and further methods of organizing and utilizing it to make informed decisions, is top priority for many organizations. Therefore, while there may be an abundance of data, without ensuring that it is complete, accurate, timely and connected to other relevant data, the information generated form this data may not be valuable in driving key decisions. Worse, it may actually lead to the wrong decisions. This suggests that, companies must continue to invest in maturing their management of existing data, growth of usable data, and usage of data analytics to thrive at all times.
In conclusion therefore, Data in the 21st Century is like Oil in the 18th Century: an immensely, untapped valuable asset. Like oil, for those who see Data’s fundamental value and learn to extract and use it there will be huge rewards for them.