16 October 2015
Data is the new oil.
This point was raised at an event with NW Business Insider earlier this week and the more I have thought about it over the past few days, the more I agree.
Data is the oil of the digital economy: it is valuable, like the black gold, and it also must be properly protected as it’s stored, handled and transferred from place to place. Invariably, without data, there is no digital economy.
The way the world is set up now, with every business and a majority of individuals connected to the digital highway, data is being generated at an incredible rate. Every day, we create 2.5 quintillion (that’s 2.5 followed by 18 zeros) bytes of data — and 90% of the data in the world right now has been created in the last two years. That’s an extraordinary statistic but it makes sense. Every industry and sector is becoming increasingly reliant on digital services and it’s creating this enormous stream of data.
As an entrepreneur it is certainly an essential part of life. Whilst we never know what is over the next hill, strategy informed by data is one of the great opportunities of our time, it gives us an insight into what could be coming up. We simply cannot ignore that opportunity. And like oil, it is so much more valuable when it is refined. Big data isn’t just a buzzword.
How has your business evolved to make the most of data? Or do you think big data is just a buzzword?