Data is new oil
While there is some truth in it, just like the saying “knowledge is potential power, applied knowledge is real power”, data by itself alone is of no value if you don’t know how to dig insights out of it, at least. Data mining, as many would like to call it.
Data is the new oil. Contradict to the conventional oil as we know it, generally:
- data never shrink in size, it grows infinitely
- data can be produced in split seconds
Unlike the commodity / fossil oil, which takes million years to form and shrinking in supply as we consume, data is being added to the virtual world in gigantic size every single second.
Data Analytics
It is how do we do with these data that matters.
- Descriptive Analytics
Analysing data - Predictive Analytics
Studying trends and patterns - Prescriptive Analytics
Using data to make decisions
Incentivizing Good Behavior
Technology is showing us data can be a form of currency. With proper setup and implementation, it can be used as one of the tools to incentivize good behavior.
As blockchain and its practical applications shown, it is possible to reinvent capitalism in the age of big data, something people coined as datanomics.
Note: Data Security
Being the custodian of valuable information, data security, network security, and system security need to be taken care of, seriously. Thus, in pertaining competency and sustainability, data security should not be compromised.
