We’ve seen it used numerous times, from the cover of well-known publishing to speeches by business leaders: “data is the new oil”. Yes, data is now driving the world’s industries and economies, changing everywhere.
Data, data science and data analytics are all crucial tools for everything, from understanding customers to optimizing supply chains, from monitoring one machine to optimizing a factory’s OEE, from turning on a streetlight to illuminating the whole city, almost every life and social scene. As such, companies, governments and other institutions are vigorously investing in data science techniques and expertise, and more and more new business models are coming out.
Data can be reused and shared for new purposes and insights. While Oil is a single-use commodity, adding more oil doesn’t result in getting better quality oil. So we can’t treat data like oil, and it’s may not a good idea to call data as “new oil.”
The value of data doesn’t grow by merely accumulating more like oil. It is the insights generated through analytics and combinations of different data sets that generate the real value. It’s better to call data as “emerging assets” than “new oil”. But companies are hoarding data too, preventing others, including the users and manufactories to whom the data relates, from accessing and using it.
The more data collected, the greater the complexity of the IT system needed to extract value and maintain proper protection. Merely collecting more and more data, without a clear use or data governance plan, results in more cost and liability than benefit.
Currently, a staggeringly low 10% of all data is collected in a format that allows for easy analysis and sharing. Data needs to be collected and maintained in a usable and accessible format in order to achieve these economic benefits. The more and more value will be added for data by sharing.
Dadax Software always advice companies especially industrial enterprises, hospitals, etc. to fight for more service and extra income by shares data with equipment manufacturers, distributors, research institutions and data analysis companies after desensitizing while ensuring privacy and security.
So the companies who want to get more from data, should keep one eye on the development of data science and industry dynamics, partner with professional IT companies. Keep practicing and prepare to the future.
Dealing with diverse customers and clients, Dadax Software not only provides consulting services for data analysis and governance, but also provides turnkey engineering services including various data applications and platforming.
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Reference & Sources:
- BBVA: We should extend EU bank data sharing to all sectors
- WEF: You may have heard data is the new oil. It’s not
- WEF: How the data revolution will change the world