Data is the new Oil (by Gerd leonhard futurist)
Having access to information on what people do, what they like, who they are, where they are, where they go to, what they buy, the click streams, the digital bread crums, the digital exhaust... that's the new oil! (images licensed from istock photo !)
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Finding location...
citizensound says:
Great comment Gerd.
I would suggest though that Oil has value only when it is used to fuel a car, a plane.
Data similarly is of value when it a Fuel for other things.
Data is presently flooding the market. In the world of data, OPEC could not survive with their cartel methods of price control.
So data is abundant. And data is not expensive. Yet, data is not an end in itself.
Data is Fuel for other things, like Insight. And I mean real business insight, not the kind of stuff I see passed off for insight.
While everyone rushes for the data, they are not dealing with the issue of what they will do with the New Oil.
What business engines are being built right now that will use this oil to transform businesses?
The excitement for me is in the construction of Ideas and Insight from the Data Fuel. The challenge for companies is the default reaction to see data as the end to itself (e.g. immense fortunes spent on CRM systems that go nowhere).
I sense a longer chat on this coming...
Posted 6 months ago. ( permalink )