Data is not the new oil – experience is

The accessibility of data and the use of data analytics set a new direction for our society and the wealth creation – just like oil did back in the days.

By Peter Ankerstjerne
Edition 11 - Spring 2019 Pages 5 - 9
Tags: engagement • design • data

The term “data is the new oil” was first coined in the mid-2000s;[i] it refers to the notion that data should be considered a “natural resource” just like crude oil. Like oil, data is valuable, but if unrefined it cannot really be used and therefore it must be broken down, analysed, and processed to have value.

As we do so, the access of data and the use of data analytics sets the new direction for our society and for wealth creation – just like oil did back in the days. Data, and especially digitalization, AI, and robotics have become the foca...

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