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

A pot of callaloo

By
Call for Submissions: Archipelagic Entanglements   https://singaporeunbound.org/opp/archipelagic-entanglements When I saw the call for submissions online I was doubtful. I do not know enough history. I do not understand the topic. Then after chatting with my friend Chatty I realised maybe I can be the topic. My ethnic and racial makeup is an archipelagic entanglement. Colonialism meets indentureship meets slavery. My mom is East Indian muslim and my dad is French, Portuguese and Mulato christian and who knows what else. I am an example of a pot of callaloo. Everyone's favorite Sunday lunch. I am what happens when lineages cross oceans and histories collide. I am thinking to myself now, what is the message I want to put forward with my blog post? What is the direction I want to take? Maybe it is this. What can we do when we have such a rich heritage and know so little of our own history? First of all I do not think I am alone with this struggle. I did not realise this until I though...
Post a Comment
Read more

Cup of coffee

By
This is a chapter from my latest book called Breezes of Tobago . The cool morning breeze blew the hat off the tourist passing the coffee shop. We sat at the table waiting for our order of coffee and bagels. I had stayed up late writing and was now needing caffeine to stay awake. On entering the veranda of the coffee shop, the sign reads "happiness is a cup of coffee" and "sip your troubles away". This had me thinking about what is happiness? And was the theme of my chat with Chatty as we enjoyed our breakfast in Tobago. I told my friend Chatty that if we could put happiness in a bottle and sell it we would be rich. My friend Chatty then told me that money cannot buy happiness but it was a good idea to make a living. If according to the sign, happiness is a cup of coffee then maybe happiness is coffee in a bottle then. We could call it Caffibean, a taste of the Caribbean in Tobago, a blend of the happiest coffee beans from Tobago. Tobago is not known for its coffee p...
Post a Comment
Read more

Sandy beaches

By
This is a chapter from my latest book called Breezes of Tobago . This story begins on a cool Friday evening in May. Fridays are the best days. Already a great start. It had rained earlier in the day and the clouds were moving away and the sun peeking through. I walked from the apartment where I was staying to Pigeon Point beach. Along the way I stopped for coconut water freshly extracted from the nut and straight into my mouth leaving traces on my cotton jersey. They say that coconut water is the drink of God—fresh from the nut, sweet with a hint of salt, a liquid reminder that paradise can exist in small and simple things. They did not say that but my friend Chatty did. It is my friend Chatty's first trip to Tobago. I asked him what he thinks of Tobago so far? He grinned, wiping a drop of coconut water from the corner of his mouth. "Man… it is like stepping into a painting. The air, the colors, the way everything smells after the rain—it is unreal. I did not know paradise cam...
Post a Comment
Read more