A few decades ago, the most valuable resource was oil. Data was being compared to oil. Hence the famous quote ‘Data is the new oil’.
That statement has entirely changed today. Data can no longer be metaphorically compared to oil.
Data is essentially infinitely durable and reusable, whereas oil is a finite resource.
Data being compared to oil, implies that data has no value after use and decreases in utility like in the case of oil.
To be transported to where it is required, oil needs huge quantities of resources. On the other hand, data can be repeated endlessly and transported across the world via fibreoptic networks at the speed of light, at the lowest possible costs.
The more it is used, rather than its energy being lost as heat or light in case of oil, data often becomes more usable. Data also shows more applications once processed. It would definitely be a mistake to treat data like oil: using it once then believing its value has been exhausted and disposing it.
In this digital era, Data is no longer the new oil. It is the world`s most valuable resource!
Data is not recent, but it is growing at an incredible rate. The increasing interactions between data, algorithms, and analytics of big data, connected data and individuals are opening enormous new prospects.
Enterprises have now started developing products and services based on data-driven analogies. For many communities and economies, the formulation of national data strategies may help in realising the potential of data. Several countries are in the process of implementing such strategies.
The ability to provide an agile environment to serve the data workload is critical with data powering so many innovative approaches, whether it be artificial intelligence, machine learning or deep learning. Data undoubtedly offers them the chance to enhance or redesign almost every part of their business model.
Tonnes of unstructured, semi-structured and structured data that has been stored had no use two decades ago. Thanks to data analytics solutions and big data technologies, we can use all the data now!
Data that has been stored can be used in numerous ways. Let`s take the banking and financial service institutions domain as an example.
Some companies are struggling to understand the role that data strategy can play in transforming and delivering productivity in their business operations. Without having a good reason, there is a propensity to try to use data. The first step in incorporating knowledge into strategy should concentrate on finding business issues.
The approach or technique that can illustrate solutions is data analysis, but it is rarely the ‘silver bullet’ for success without a specific target. As several aspects of digital transformation, data is not something that can be supplied as a separate business entity in a silo. It must be a cross-functional service incorporated within an enterprise.
By Uma Raj
By Uma Raj
By Abishek Balakumar
Vaibhavi is a Digital Marketing Executive at Indium Software, India with an MBA in Marketing and Human Resources. She is passionate about writing blogs on the latest trends in software technology. Her passion further encompasses writing blogs on fashion, religious views, and food. Singing, dancing & mandala artwork are her stress busters. Sticking to the point and being realistic is her mantra!