Data is the new oil

Data is the new oil

Oil was always there, it just didn’t become valuable until someone discovered a valuable use for it. When that happened, people figured out how to collect it, refine it, ship it, sell it and even fight wars over it.

Even though it seemed it was an infinite commodity its value rose.

Data is like that too. Has always been there but with little use for it, it wasn’t valued.

Now there are lots of organisations collecting and ‘mining’ their data.

They need data so they can ‘do BI’, they need to ‘be in Big Data’.

At the Big Data conference in the UK in April this year, it was reported that fully 50% of global businesses are on the Big Data track.

Collecting data and making in mine-able is a worthy undertaking.

The real question is ‘what are you going to do with it?’

Fact is, most organisations don’t know – yet.

Their data projects miss a vital step.

If you don’t know why you’re doing something (in this case collecting data), you’ll end up using it for things you could already do.

Another view of the GL? Another P&L?

The real strength of data lies in the usually unasked question.

What could we do if we knew?

It’s not too late.

If you’re on the Big Data track, you’re still ahead. To stay there, you need to ask the questions that will make that data the most valuable thing you have.

It’s not that hard, and the rewards are amazing.