Data is a new oil

According to speeches by Fortune 500 CEO, and the world leader that "data is the new
oil". In the contemporary era of information revolution, data can generate a great amount
of value. As World Economic Forum states, 40 zettabytes of data will be created in the
next two years (World Economic Forum, 2018).

So, Computer data is basically the information processed or stored by a computer. The
information can exist in forms of images, audio clips, texts doxcuments, software
programs etc. If we explain that in the basic level, computer data is a bundle of ones and
zeros called binary data. As the binary data has a format in all computer, it can be created,
processed, saved and stored digitally. It makes it possible for the data to be transferred
from one device to another using network connections or various media devices. Hence, it
also not deteriorate over time or lose quality after being used multiple times.

Due to the Information Revolution, any products, services or solutions we provide with
the use of data. Therefore, data holds similar potential the similar potential for creating
wealth and prosperity just like oil during the industrial revolution. Companies who adopt
data-driven marketing are more likely to have an advantage over the competition and
increase profitability. In fact- they are six times more likely to be profitable year-over-
year. (Forbes). Additionally, Companies who adopt data-driven marketing are more likely
to have an advantage over the competition and increase profitability. In fact- they are six
times more likely to be profitable year-over-year. (Forbes)

Today, the most valuable and leading companies are Data companies. Furthermore,
through data collection, a firm has the quality information in order to make decisions.
Without data, companies cannot do further analysis, study and research as there is a lack
of information on consumer behavior. Data gives the advantage to lead, stay on top of
trends, provide answers to problems and analyze new insights to great effect in society.
As result, the world’s most valuable resource is no longer oil, but data. Data is Money!

Work Cited:

https://ssir.org/articles/entry/big_data_for_social_innovation
https://www.weforum.org/agenda/2018/01/data-is-not-the-new-oil/