DATA IS THE NEW OIL

Deputy UN Secretary-General Amina Mohammed interacts with Sophia the robot
  1. Entertainment
  2. Grunt work in dangerous places e.g factories
  3. Elderly care
  4. Telepresence shopping, tourism and assistance.
  • Data is an essential resource that powers the information economy in much the way that oil has fueled the industrial economy.
  • Once upon a time, the wealthiest were those with most natural resources, now it’s knowledge economy, where the more you know is proportional to more data that you have.
  • Information can be extracted from data just as energy can be extracted from oil.
  • Traditional Oil powered the transportation era, in the same way that Data as the new oil is also powering the emerging transportation options like driverless cars and hyperloop (1200km/hr) which are based on advanced synthesis of data inform of algorithms and cognitive knowledge without use of fossil fuel.
  • Traditional oil is finite, Data availability seems infinite.
  • Data flows like oil but we must “drill down” into data to extract value from it. Data promises a plethora of new uses — diagnosis of diseases, direction of traffic patterns, etc. — just as oil has produced useful plastics, petrochemicals, lubricants, gasoline, and home heating.
  • Oil is a scarce resource. Data isn’t just abundant, it is a cumulative resource.
  • If Oil is being used, then the same oil cannot be used somewhere else because it’s a rival good. This results in a natural tension about who controls oil. If Data is being used, the same Data can be used elsewhere because it’s a non-rival good.
  • As a tangible product, Oil faces high friction, transportation and storage costs. As an intangible product, Data has much lower friction, transportation and storage costs.
  • The life cycle of Oil is defined by process: extraction, refining, distribution. The life cycle of Data is defined by relationships: with other data, with context and with itself via feedback loops.
  • The Latin word data is the plural of datum, “(thing) given,” neuter past participle of dare “to give”
  • Humans leave footprints everywhere as a gift as we are the biggest data generators
  • If you burned all of the data created in just one day onto DVDs, you could stack them on top of each other and reach the moon — twice.
  • “Information is the oil of the 21st century, and analytics is the combustion engine.” — Peter Sondergaard
Oil spillage in Nigeria
  • Fortune 1000- 65m USD in net income and poor data costs 25 percent revenue.
  • For a typical Fortune 1000 company, just a 10% increase in data accessibility will result in more than $65 million additional net income.
  • Retailers who leverage the full power of big data could increase their operating margins by as much as 60%.
  • 73% of organizations have already invested or plan to invest in big data by 2016
  • Poor data can cost businesses 20%–35% of their operating revenue.
  • Bad data or poor data quality costs US businesses $600 billion annually.
  • Respect for your private data, awareness of data leakages and risk
  • Huge career opportunity (No 1 career in the world, Glassdoor 2016, 2017 ranking) and Harvard sexiest job of the 21st century
  • Building a data driven society (satellite for poverty, security with precision policing, smart city, optimal agriculture yield with precision farming etc.)
  • Data and Analytics value is as high as 155b USD in 2017
  • Setting up internal research units on data.
  • Leverage Big Data as corporate social responsibility

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Adeola Adesina

Adeola Adesina

Programmer, Data Scientist, Pharmacist and a future ‘Oga DG of everything’.