Is data the new oil? Probably not for you.
Is oil the new coal? Is coal a new horse? Is the metaverse the new Internet? Is data the new oil? Rhetorical… but data for sure stands out of the cascade for these must-have assets of humanity. Is data really powerful enough to become a new main global asset? It makes more sense than a horse at least.
The largest and most successful organisations today are largely that due to data. Especially their control over data. We all surf LinkedIn before speaking with new contacts trying to survey helpful data to influence our vis-a-vis. We love insights that are supposed to give an advantage or better understanding but frankly speaking, what else do we do to conclude data is the king? We do not need to remember a lot of data during studying and can afford to google it? Search & watch videos instead of thumbing through hundreds of book pages? Send a message to anyone without borders? While only 30 years ago, oil was exceptionally necessary to light your house.
Big data is the difference you say. Search, cars, cameras, IoTs, phones, web browsers collect enormous amounts of information. The most common purpose of big data is to influence or even manipulate our customer behaviour. All other recorded data is hidden deeply in the companies’ and governments’ silos for internal usage only.
Companies make most decisions based on internal data. This is similar to a doctor who makes diagnoses based on his personal health history. Making decisions based on externally aggregated data boosts the quality of decisions enormously. Adding data from other organizations can make decisions exceptionally accurate. Similar to a student writing a paper while searching on Google, companies need their own version of the internet to make data really big.
You get data, you contribute your own. It sounds hard for corporates to get access to this data. Privacy and unfair competition are the major concerns. Both could and have been solved on the technology level. The only question is who will introduce the first viable protocol for companies’ data sharing and when. Who will be able to wave away all concerns that all possible partners would have?
Some remember times when using a real name on the internet was supposed to undermine our privacy and security. This reservation could be a real reason why data might never become a real new oil. However, does your real name hold as much weight in comparison to your data? Plus, most agree that it already is the new oil. What do you think?
What do you think? Do you think data is the next oil?
For more information on how Carma is assisting in this data revolution, you can get in touch with Femi Oluyide our co-founder and CBDO - firstname.lastname@example.org