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Data is the new oil

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Margaret Daugherty
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18 views

Data is the new oil

Uploaded by

Margaret Daugherty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Data is the new oil. It's valuable, but if unrefined, it cannot really be used.

It has to be changed into gas, plastic, chemicals, etc., to create a valuable


entity that drives profitable activity." - Clive Humby OBE

Data is NOT the new OIL.

Data is the NEW CRUDE OIL.

Just as crude oil requires refining to produce useful byproducts like


gasoline, plastics etc., data must be meticulously processed to extract
meaningful information, leading to knowledge, and ultimately, wisdom.

In a world where data-driven decision-making is absolutely essential, the


ability to transform raw data into actionable insights is a competitve
advantage

Digital Transformation: The Power of Data Centralisation

In the era of digital transformation, one thing is clear - data is the new oil.
But just like crude oil, raw data is of little value unless refined and utilised
effectively. That’s where data centralisation comes into play.
Data centralisation is the process of consolidating data from disparate
sources into a single repository. This not only enhances data accessibility
but also improves data integrity, security, and decision-making.
Here are some key benefits of data centralisation in digital transformation:

Improved Decision Making: Centralised data provides a holistic view of


business operations, enabling data-driven decision making.

Enhanced Collaboration: With data centralisation, teams can access the


same data, fostering collaboration and reducing data discrepancies.

Increased Efficiency: Centralised data eliminates the need for manual data
collection from various sources, saving time and resources.

Better Compliance: Centralised data simplifies compliance with data


protection regulations as it’s easier to manage and secure data in a single
location.
Why Data is the New Oil and What Businesses are Doing Wrong

“Data is the new oil. It’s valuable, but if unrefined it cannot really be used.
It has to be changed into gas, plastic, chemicals, etc to create a valuable
entity that drives profitable activity; so must data be broken down,
analyzed for it to have value.”

Data has grown to be a useful resource for organizations all around the
world in the digital age. The amount of data being produced has grown
tremendously as technology has advanced, providing a huge body of
knowledge that may be leveraged to spur development, innovation, and
competitive advantage. Similar to oil, important commodities like data
need to be processed and refined in order to be useful. Although many
organizations understand the value of data, they might not be utilizing it
to its full potential. We’ll look at why data is the new oil in this post and
what organizations are doing wrong with data management.

The Value of Data

The crux of why data is so valuable is perfectly encapsulated in the Clive


Humby comment. While raw data is only a collection of facts and figures,
it may be processed and analyzed to yield insights that can be used to
inform business choices. Data must be handled and examined in the same
manner that oil must be refined in order to be useful.

“Certainly, big data is not a fad. We are just at the beginning of a


revolution that will touch every business and every life on this planet.” —
Patrick Tucker, author and technology journalist.

Data’s ability to offer insights into client behavior and preferences is one
of its main advantages. Businesses can learn more about what their
consumers desire, how they engage with goods and services, and what
variables affect their purchasing decisions by studying customer data.
This data can be utilized to improve product offers, create more focused
marketing efforts, and enhance the overall customer experience.

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