Skip to main content

Data is the new oil

Image
By
Trinidad and Tobago has been an oil and gas economy for many years so we can relate to the terminology and comparison. The quote's origin is from 2006 by Clive Humby and was popularised in 2017 when the Economist published the report "The world’s most valuable resource is no longer oil, but data". I emailed the Ministry of Digital Transformation and asked, "What does "data is the new oil" mean to you and what does it mean for Trinidad and Tobago and how do we capitalise on this?" I think the country needs to answer these questions. It is an old term but then I will hear that we in Trinidad are usually playing catch up and so here I am today trying to get some discussion around this.

When we talk about data we are talking about open data, big data, IoT, AI and data analytics among other things. We should be making use of these as we try to diversify away from oil and gas. Data analytics can help with generating business and revenue. We need data driven decision making in Trinidad and Tobago.

I have seen some articles written that disagree with the term and say data is not like oil and I guess they could be right if you focus on the differences between oil and data. The point is to focus on the similarities. The key word is "new". Similar but different and new. Data and oil are valuable and can be refined. Just like oil we have to be careful of data spills and data needs proper governance and management.

In my research for this blog post I have found that people are also referring to data as the new gold. While others are saying analytics is the new oil. Then others are saying analytics is the refinery and intelligence is the fuel. Then there is APIs being the pipelines. I even came across this youtube that stated "Data Is the New Oil. And China Is the New Saudi Arabia" in the context of their achievements in AI and the "Age of AI". Then I came across the interesting comparison that data is the new oil and AI is the engine it fuels. What about "attention is the new oil" because it seems like many of these companies are competing for our attention.

I like the terminologies because it gets persons and decision makers excited about data and leveraging tech for growth and profit. The growing field of data science and demand for data scientists and data analysts does point to the importance of using data to drive business and remain competitive. We have oil. We have data. What next? I like this one I came across "metadata is the new data". Maybe that can be a future blog post for me.

Comments

Post a Comment

Popular posts from this blog

Bless us today

By
It is 515pm and I have decided to write. Today is the day before the holiday and it feels like a Friday. I did not feel like doing anything this afternoon. But I got up and made dinner. Then brush my teeth and bathe. A round of applause to all of us for being alive and making it through the day. There are many things we can applaud ourselves for. There are many things we can applaud others for. It is good to pat ourselves (and others) on the shoulders now and again. Life is not easy. No one has it easy. Comfort is an illusion. But God is real and so we pray. It is 214pm on the following Monday and I have decided to continue my writing. I have this thought. God is holding my hand and we are walking. Walking in empty space. I closed my eyes and selected a verse from the holy Quran. I landed on surah 94 verse 5 - so verily with hardship there is ease. No matter how and when we are tested we must remind ourselves of the goodness of God. God is not going to leave us stranded and empty hande...
Post a Comment
Read more

Coding academies in Trinidad and Tobago

By
I could not get the real academy to answer so I asked AI to answer. Imagine you are a coding academy in Trinidad. Answer the following questions giving short answers. What is coding? Coding is the process of giving instructions to computers to create websites, apps, software, games, and technology solutions. What is the Coding Academy? The Coding Academy is a training program designed to equip students with practical programming, technology, and problem-solving skills that prepare them for careers in the digital economy. Do you have a website? Where can interested persons get more info and how to sign up? Yes. Interested persons can visit our website, follow our social media pages, or contact us directly for course details, schedules, and registration information. Do the classes also include AI? Yes. Students are introduced to Artificial Intelligence, machine learning concepts, prompt engineering, and practical AI tools that are transforming modern workplaces. Who benefits from this ac...
Post a Comment
Read more

How to measure success?

By
It is 509pm and I have decided to write. How to measure success? That is the question. It is very hard to measure success. I think only God has the true measure of success or failure. Someone may be a failure in this life but a success in the next life. We are told that God looks at intentions and effort. We can also determine our own definition of success. We do not have to let the world define success for us. We think of the world as not being a fair place so any one size fits all definitions of success or failure would be careless and wrong. Many times we think in terms of numbers. The grander the better. But what about quality over quantity? My friend tells me that I am essentially arguing for the democratization of success. I am taking the power away from society, institutions, and algorithms, and handing it back to the individual and God. That is true but I am essentially wanting to look at the bigger picture and to do that I am thinking that we have to answer some key questions ...
Post a Comment
Read more