And Yes data is new oil if considered in some way. Though not in literal terms or in the nearest future. Because the world needs energy and so oil (or fossils, are still important for its abundance).
Oil in this term is synonymous with wealth or money. In this case, the topic can be reviewed to be “Data is new Wealth“. Recent advancement in Artificial intelligence (AI) supports this.
AI is the new power. The back bone of AI is data. Not just data, but big data is the new wealth. Ever wonder how some social media firm make money? Facebook and Google are making big income from data. All they do is pick information (cookies and caches) and they tell-trail the people. They understand the user behaviour and they process the information on them. When advertisers, pay to place their products before accurate or near accurate customers, the AI algorithms picks the relevant items and shows to the people. This items follow the people everywhere they go on the internet. Have you ever wondered why after searching for an item, say Jean trousers, on search engines, anywhere one goes on the internet, including website and blogs, stores like jumia, konga, dealdey, etc, the items follows appears on ad banners. So whenever it shows on the screen, the advertisers pay Google, Facebook, Twitter, tinder etc whether there is a click or not. This is the power of AI. This activity is worth billions of us dollars.
Data is also in the world of Finance (e.g Stock market, forex etc) and defense (e.g drones, robots etc). For instance, Weaponized drones can locate Target with clear data sets. On Construction site, drones know what to look for. And so on. This is huge wealth.
In sectors
Hackers terrorize with data e.g ransomware. Anti hackers like Flexip Group use big data built into Algorithms to locate and stop this. And they know how much of this new oil they pull into their vaults.
With good information, Associations like the FUTO Alumni Association can pull in resources to herself assist the University. Information of graduating students, value-adding researches and the Marine aquifer. All are huge resources.
And the Geologist know that information is needed to locate and optimized reservoirs.
Therefore, Data is new oil. So, we must find and gather enough for useful mining.
What do you think?
