Data is the New Oil

The significance of data in the 21st century is similar to the oil in the 18th century – an accessible and enormous asset. Anyone understanding the fundamental value of data will learn to extract and make the best use of it. We are living in a digital economy where data has immense value than ever before. It’s the foremost key for effective and smooth functionality for companies around the world.

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Data Infrastructure and Profit Center

For many organizations, the data infrastructure is gradually becoming an acknowledged profit center using data to enhance the functionality of day-to-day operations. Companies will treat data as an important corporate asset while managing information among multiple sectors. This allows the sharing of data and providing opportunities to sell and cross-sell. Using internal data in association with external data will come up with diverse prospects for companies looking forward to building new and innovative product lines.

Good Data Beats Opinion

While business is growing, many professionals are putting forth their opinions on what steps are required to compete well. It helps organizations to follow a ‘good data beats opinion’ philosophy that adopts the approach of testing and measuring for the overall improvement. The rule of thumb is simple – if you can evaluate it, you can improve it. The philosophy helps professionals to come up with new and innovative prospects. Remember, no test goes worthless. If there is nothing you can get out of it, you can still have the insights that can considerably help in improving corporate outcomes.

All you need to ensure is to have real-time data access in your corporation. Simply knowing about the complete budget and profits is never adequate. You need to understand the KPI to achieve the ultimate business goals and improve the functionality of day-to-day operations. Keep in mind, the value lies in micro instead of macro data. In the year 2017, the Economist has published a story named, “The world’s most valuable resource is no longer oil, but data.” By the time of its publication, the topic has resulted in discussions and the significance of data is highlighted more than ever before. There are certain concerns when it comes to tech giants exploiting the information at hand. Nevertheless, it can improve the world when utilized in the best way possible.

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Latest updates

March 15, 2020 update – Bay River College Calgary Campus.