No one doubts that digital data holds great value. “Like they say, data is the new oil,” says Will Lasalle (@wlassalle), Chief Information Officer at JLS Technology USA. Few would disagree with this assessment.
As critical resources go, however, data differs from oil in a number of important ways. For starters, unlike oil, digital data is far from a limited resource. Indeed, it is expanding at an exponential rate, as significant percentages of the world’s activities – both business and consumer – take place within the digital realm.
Another key difference: as more oil enters the market, its value plunges. The reverse is true for data. The more data companies collect, analyze, and leverage, the more value it can deliver.