data is the new oil

At a recent tech event in London one speaker said that “Data is the new oil. You just have to learn how to extract it.” I love the simplicity of this statement and I think that it is entirely true. If you look at what drives some of the market leaders (the likes of Google and Facebook) data is what is empowering their company. But as much as companies can try to get the upper hand through data, they have to remember one key piece. For just as the speaker at that event missed, there is a big difference between crude oil and jet fuel. Data is the new oil, but you have to learn how to extract it AND refine it. […]