Data Is The New Oil

- Shrikanth G

Data. It’s everywhere. It’s a Digital world out there and whether you are an individual or a company, in any given day huge amounts of data has been generated and no wonder we call it a ‘Digital Universe’. Amid the aggressive conversations on going Digital across the world, enterprises of all sizes are looking at how they can use the data for better outcomes and arrive greater business profitability.

Given the impact of data on our lives and on businesses, clearly the biggest challenge for both the vendors and the enterprise IT organizations is to mine the relevant data and achieve better business outcomes, but it is easier said than done, as more data means more complexity.

A World Economic Forum (WEF) observation stated: “This personal data – digital data created by and about people – is generating a new wave of opportunity for economic and societal value creation. The types, quantity, and value of personal data being collected are vast: our profiles and demographic data from bank accounts to medical records to employment data. Our Web searches and sites visited, including our likes and dislikes and purchase histories. Our tweets, texts, emails, phone calls, photos and videos as well as the coordinates of our realworld locations. The list continues to grow. Firms collect and use this data to support individualized service-delivery business models that can be monetized. Governments employ personal data to provide critical public services more efficiently and effectively. Researchers accelerate the development of new drugs and treatment protocols. End users benefit from free, personalized consumer experiences such as Internet search, social networking or buying recommendations.”

WHY IS DATA THE NEW OIL?