“Data is the new oil!”
– Clive Humby, ANA Senior marketer’s summit, 2006
Data is everywhere. We live today in a digital world. Many of our day to day actions involve data transfer and we leave digital print behind us unconsciously. Today information sharing has become a usual feature with Facebook, Twitter etc. These data we leave behind are valuable information by providing insight of consumer behavior, giving away personal information among others. IBM estimated that 2.5 quintillion bytes are being created every day and that 90% of the world’s stock of data is less than two years old.
The infographic shows amount of data that have been shared and a glimpse on the future. The IP traffic will multiply by four and nearly 3 billion people will be online by 2015. This is how data is considered as the new oil.
On the other hand, David McCandless in his presentation at the TED Global presentation he modified this quote and changed it to “Data is the new soil” as data is available in unbelievable large amount and it is fertile soil to exploit. These data can be extracted and turn it into useful and meaningful information.
Burnison, Gary (2012) If Data Is The New Oil, We Should Be Wary Of It. Availabe at http://www.fastcoexist.com/1680949/if-data-is-the-new-oil-we-should-be-wary-of-it [accessed 02 December 2012]
Hawn, Matthew (2012) If data is the new oil, don’t end up being BP. Available at http://gigaom.com/europe/if-data-is-the-new-oil-dont-end-up-being-bp/ [accessed on 22 November 2012]
Moorhead, Patrick (2011) Why Your Personal Data Is The New Oil. Available at http://adage.com/article/digitalnext/personal-data-oil/230932/ [accessed on 17 November 2012]