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DATA. ANALYTICS. STRATEGY.
Stop Saying ‘Data is the New Oil’
Why the Catchphrase of The Fourth Industrial Revolution May Be a Misnomer
THE ORIGINS OF THE CATCHPHRASE
The phrase “Data is the new oil” was coined by Clive Humby, a British mathematician in 2006. Since then, a lot of other people have used this concept or something similar to this one. But it was not until 2017 when the Economist published an article entitled “The world’s most valuable resource is no longer oil, but data” that the concept generated a lot of active discussions and this phrase becomes the new tagline with which the Fourth Industrial Revolution is rallying on.
In some ways, this phrase accurately reflects how data is probably the most coveted resource in the modern world. Just as oil certain years ago, and just as spices were even before that — that entities spend huge amounts of resources to accumulate or take control of it. And with the control of this resource, businesses acquire the influence and the ability to transform outcomes and realities, just as how those who control oil reserves had in the past.
However, on multiple points, this phrase fails to capture the essence of data. Companies, therefore, that fail to see the weakness of this phrase, may…
