Is Data the New Oil?
In the digital era, data is being created at a speed never seen before, and its proper application in business intelligence is already generating incalculable value for businesses.
It seems irrational to suggest that a concept like data could be more valuable than an established and indispensable product like oil, but as the years have gone by, this already seems like a reality.
According to Forbes magazine, “It’s clear that data really is the new oil and that the main impact on humanity isn’t how tech giants are monetizing our attention units, but about how data can improve our lives..”
Read the full article, “Data Is The New Oil — And That’s A Good Thing.”
The exponential growth of data and technological tools such as predictive modeling, spatial data, data mining or artificial intelligence have revolutionized the way organizations make decisions, implement strategies, improve their processes, compete in the market, choose where to establish (site selection), manage their advertising and optimize costs, among others.
Knowledge and data science are becoming today’s most important business investments, by combining data held by an organization with other external sources and cross-referencing it using sophisticated analytical tools, it’s possible to understand more about markets and develop advantages over competitors by automating and streamlining key processes.
As The Economist points out, “the abundance of data changes the nature of competition, allowing technology companies to benefit exponentially. The more data companies collect, the greater the basis on which to improve their products, which brings with it more users, who generate even more data.”
Read the article explaining this: “The world’s most valuable resource is no longer oil, but data“.
One thing is certain today: whoever has and uses data, has power. The more information a company collects and uses, the better its performance and market positioning becomes.
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