Over the last year, we’ve focused a lot on the power of data as a source of value. In this way, our blog represents our company’s founding principle that data is the new oil and that democratizing access to corporate data will be like spreading wealth. This idea has been the motivating force for our growth over the past decade and continues to animate our every action.
It was thus a real affirmation to come across last week’s issue of The Economist in an article entitled The world's most valuable resource is no longer oil, but data, in which data and its value is front and center. In this prescient article, the Economist calls data the “world’s most valuable resource.” Clearly, we concur.
Old ways of thinking about competition, devised in the era of oil, look outdated in what has come to be called the “data economy.”
For us, however, the data-as-the-new-oil analogy goes further and deeper. While oil was undoubtedly the commodity of most value for almost a century, accessing it at scale and using it optimally were no mean feats. Entire industries were built around exploration, refinement, marketing and other elements of the chain. In fact, entire swaths of infrastructure were built for the optimal use of oil by hungry industry and a growing and increasingly affluent society.
Romi's vlog: how to achieve data agility
Data will no doubt go through the same evolutionary process. While it is not a natural commodity, it still has to be managed, not unlike oil.
That is why, channeling The Economist, organizations need dynamic infrastructures to manage this important commodity and make it available to employees, partners, and customers in an agile, secure and governed scenario, in order to ensure sustainable growth. That is why data infrastructure is truly the next big thing.
Put differently, all organizations will be judged by the maturity of their data infrastructures. In a world in which the differential management and utilization of the data resource will be the axis on which successful or failure is determined, focusing now on the right data infrastructure is the clarion call that all executives and owners must heed.