Data Is The New Oil
Clive Humby
In 2006, Clive Humby famously said that data is the new oil. The passing years have shown that Humby was right about the dominant role of data in modern business. Behind the latest business giants, there are no longer fossil raw materials, but clever ways to refine and utilize vast amounts of data.
Like Oil, Data is worthless until it is processed and refined. However, there is one crucial difference. Unlike oil, data is not finite, it is renewable and reusable, and the amount of data will only expand as time passes. Businesses see Data as an asset and almost without it, developing new Products, Services, and Ideas is almost impossible.
Just like any other field of knowledge producing new Data Models require a vast amount of expertise and experience.
This process we call: INFORMATION ENGINEERING
Edwards Deming
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