Is data the New Oil?

by Richard Jones, 3 December 2019

You have all probably heard this one in the press recently ‘data is the new oil’ but what do they really mean by that? Data and Oil are two very different things, one being digital and the other physical how can they be compared?

We lets look at this in a bit more depth, clearly they are not in the same category but both do share similar properties when it comes to processing. Oil and Data both come in a ‘raw’ form and can be useful in this state, but really both need to be refined to get the best out of them. For example when you refine Oil you get a lot of other products from it such as Petrol, Diesel which are far more valuable than the raw material. Similarly Data needs to be refined or analysed to detect patterns which can then be used for things like marketing.

I suppose there is also the likeness to the vast wealth that data is now producing for the people who are generating and using it the most just like back in the days of the Oil boom.

Lets just look at Facebook for a moment, it generates about 4 Petabytes of new data everyday, this gives them so much insight on what people like, what they search for, what they are buying,  which means then they can be marketed to via paid ads which generates massive revenues.

There has been calls for these giants to be broken up just like standard oil was in the early 20th century but really could we do without the likes of Google that services around 40,000 searches a second, or Amazons crazy deals on items and one day delivery, I don’t think we could, so really these big companies are here to stay and continue to generate data.

Its not just the big players that generate huge amounts of data we call do every day just by having a smart phone, manufacturing companies, digital agencies pharmaceutical companies all generate meaningful data that as a use, so where do you put it all? How do you keep it secure? How do you access and refine it?

That is where Indectron comes in, with our purpose built data centre we can house nearly infinite amounts of data in colocated servers, securely and safely, so get in touch to learn more on where we fit in the new digital landscape.

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