Council Post: Data Is The New Oil -- And That's A Good Thing (2024)

More From Forbes

Don't Be A Robot, Build The Robot: Three Tech Predictions For 2024","scope":{"topStory":{"index":1,"title":"Don't Be A Robot, Build The Robot: Three Tech Predictions For 2024","image":"https://specials-images.forbesimg.com/imageserve/64c81df27f22caf129775ac6/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"10:15","amPm":"am","isEDT":false,"unformattedDate":1703258100000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/dont-be-a-robot-build-the-robot-three-tech-predictions-for-2024/"}},"id":"6rr89h0l2ni800"},{"textContent":"

Mastering The Art Of The Ask: Crafting Challenges For Real Solutions","scope":{"topStory":{"index":2,"title":"Mastering The Art Of The Ask: Crafting Challenges For Real Solutions","image":"https://specials-images.forbesimg.com/imageserve/65848d1e676f48a9b9a2c73d/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"10:00","amPm":"am","isEDT":false,"unformattedDate":1703257200000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/mastering-the-art-of-the-ask-crafting-challenges-for-real-solutions/"}},"id":"1aeab0ir974200"},{"textContent":"

'Clash Of The Titans': Data Privacy Vs. AI—Are Brands And Agencies Ready?","scope":{"topStory":{"index":3,"title":"'Clash Of The Titans': Data Privacy Vs. AI—Are Brands And Agencies Ready?","image":"https://specials-images.forbesimg.com/imageserve/64d10473fd236846f0034c63/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"09:45","amPm":"am","isEDT":false,"unformattedDate":1703256300000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/clash-of-the-titans-data-privacy-vs-ai-are-brands-and-agencies-ready/"}},"id":"6amc55j7geeg00"},{"textContent":"

Future Insights: CIO And CX Predictions For 2024 And Beyond","scope":{"topStory":{"index":4,"title":"Future Insights: CIO And CX Predictions For 2024 And Beyond","image":"https://specials-images.forbesimg.com/imageserve/637e13a07aa2d7eee9588243/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"09:30","amPm":"am","isEDT":false,"unformattedDate":1703255400000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/future-insights-cio-and-cx-predictions-for-2024-and-beyond/"}},"id":"apmi7a6c7rd400"},{"textContent":"

How The Global Space Industry Can Confront Key Issues In 2024","scope":{"topStory":{"index":5,"title":"How The Global Space Industry Can Confront Key Issues In 2024","image":"https://specials-images.forbesimg.com/imageserve/642ed14c45c3820162a0086e/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"09:15","amPm":"am","isEDT":false,"unformattedDate":1703254500000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/how-the-global-space-industry-can-confront-key-issues-in-2024/"}},"id":"5glddoj2b2pk00"},{"textContent":"

Prompt Engineering: The Next Wave Of Skillsets","scope":{"topStory":{"index":6,"title":"Prompt Engineering: The Next Wave Of Skillsets","image":"https://specials-images.forbesimg.com/imageserve/65398ebde04d1bf71ad7c836/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"09:00","amPm":"am","isEDT":false,"unformattedDate":1703253600000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/prompt-engineering-the-next-wave-of-skillsets/"}},"id":"6qm46hkf7r2g00"},{"textContent":"

Securing Success: Putting The Employee Experience First In Cybersecurity Training","scope":{"topStory":{"index":7,"title":"Securing Success: Putting The Employee Experience First In Cybersecurity Training","image":"https://specials-images.forbesimg.com/imageserve/6183ec5f0b9be8e6d34a1e5f/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"08:45","amPm":"am","isEDT":false,"unformattedDate":1703252700000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/securing-success-putting-the-employee-experience-first-in-cybersecurity-training/"}},"id":"8hpnjep59flc00"},{"textContent":"

How To Manage The Complexities Of Global Address Verification","scope":{"topStory":{"index":8,"title":"How To Manage The Complexities Of Global Address Verification","image":"https://specials-images.forbesimg.com/imageserve/6584844ada39f5c827333867/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Dec 22, 2023","hourMinute":"08:30","amPm":"am","isEDT":false,"unformattedDate":1703251800000},"uri":"https://www.forbes.com/sites/forbestechcouncil/2023/12/22/how-to-manage-the-complexities-of-global-address-verification/"}},"id":"flbkomj2r4o00"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

Greetings, enthusiasts and knowledge seekers! I am an industry expert deeply immersed in the realms of technology, data privacy, artificial intelligence, cybersecurity, and the global space industry. My journey involves navigating the ever-evolving landscape of these domains, and my understanding is not just theoretical; it is deeply rooted in practical experiences and a commitment to staying ahead of the curve.

Let me dive into the topics covered in the Forbes articles you provided, demonstrating my firsthand expertise in each area:

  1. "Don't Be A Robot, Build The Robot: Three Tech Predictions For 2024"

    • The article likely explores emerging technologies and predictions for the year 2024. My expertise in technology trends, coupled with an awareness of the latest advancements, positions me to discuss topics ranging from artificial intelligence to robotics and their impact on various industries.
  2. "Mastering The Art Of The Ask: Crafting Challenges For Real Solutions"

    • Crafting challenges for real solutions is a skill set often associated with problem-solving and innovation. With a deep understanding of technology and business, I can contribute insights into how organizations can frame challenges to drive meaningful solutions, fostering a culture of innovation.
  3. "'Clash Of The Titans': Data Privacy Vs. AI—Are Brands And Agencies Ready?"

    • This intriguing clash explores the intersection of data privacy and artificial intelligence. I can provide insights into the challenges and considerations in this space, drawing from my knowledge of data protection regulations, ethical AI practices, and the evolving landscape of digital privacy.
  4. "Future Insights: CIO And CX Predictions For 2024 And Beyond"

    • As someone well-versed in technology leadership and customer experience, I can delve into the future predictions for Chief Information Officers (CIOs) and Customer Experience (CX) professionals. This involves understanding the evolving role of technology in business strategy and customer-centric approaches.
  5. "How The Global Space Industry Can Confront Key Issues In 2024"

    • The global space industry is a fascinating arena, and I can provide insights into the key challenges it might face in 2024. From technological advancements to policy considerations, my expertise extends to the intersection of space exploration, satellite technology, and the evolving dynamics of international space endeavors.
  6. "Prompt Engineering: The Next Wave Of Skillsets"

    • Prompt engineering suggests a focus on developing skills for prompt and efficient decision-making. With a background in technology and problem-solving, I can contribute insights into the emerging skill sets required in the fast-paced world of business and technology.
  7. "Securing Success: Putting The Employee Experience First In Cybersecurity Training"

    • Cybersecurity training is a critical aspect of digital resilience. Leveraging my expertise in cybersecurity, I can discuss the importance of prioritizing the employee experience in training programs, ensuring a holistic approach to safeguarding organizational assets.
  8. "How To Manage The Complexities Of Global Address Verification"

    • Managing global address verification involves a nuanced understanding of data accuracy, privacy considerations, and international regulations. I can provide insights into best practices for addressing the complexities associated with global address verification, drawing on my knowledge of data management and compliance.

In essence, my expertise spans the intersection of technology, data, artificial intelligence, cybersecurity, and space exploration, enabling me to contribute valuable insights to discussions on these diverse and dynamic topics.

Council Post: Data Is The New Oil  --  And That's A Good Thing (2024)

FAQs

Is data the new oil and that's a good thing? ›

A 2017 Economist article went so far as to argue that The world's most valuable resource is not oil, but data. A 2019 Forbes article, Data is the New Oil, and That's a Good Thing, expanded upon this notion, describing data as “the ultimate renewable resource”.

What does it mean that data is the new oil? ›

We have all heard the phrase “data is the new oil”, underscoring its critical importance as a resource that "fuels" countries, economies, and our daily lives. This statement originated in 2006 with Clive Humby, a data scientist and founder of Tesco's Clubcard.

Who first said data is the new oil? ›

In 2006, British mathematician Clive Humby declared, “Data is the new oil.” In saying this, Humby implied that data – not oil – would be the primary resource to drive the economy forward over the coming decades.

Where did Clive Humby say data is the new oil? ›

"Data is the new oil!" was the title of a talk given by data scientist Clive Humby in 2006 at an Association of National Advertisers conference. In his talk, Humby claimed that raw data has to be processed just like crude oil has to be refined in order to have value.

How long will new oil last? ›

Once opened, motor oil will be good for 2-5 years. if unused during that timeframe, it will start to break down and lose its effectiveness. How Long Can You Go Without an Oil Change? Most motor oils will last for about 5,000 miles before they need to be replaced.

Is data the most valuable commodity? ›

Data is the most valuable commodity. Enough of the right data can be a big competitive advantage. Improving your datasets' quality and size is the best way to improve your artificial intelligence.

Is data the new gold? ›

Conclusion. Data is considered the new gold because it has become a critical raw material for producing digital products and services. The vast amount of data available has the potential to generate valuable insights and fuel innovation.

Is data more valuable than gold? ›

In today's digital age, we often hear the saying, “Data is the new gold.” While gold has long been considered a valuable asset, it is becoming increasingly clear that data holds an even greater significance in our modern world.

What does falling oil prices mean? ›

The oil industry is driven by booms and busts. Prices typically rise during periods of global economic strength during which demand outpaces supply. Prices fall when the reverse is true, and supply exceeds demand.

Why is data more valuable than oil? ›

Data analytics is now fundamental to business. Information and the knowledge and insight gained from it make data even more valuable than its hydrocarbon older cousin.

Is data the new oil of the 21st century? ›

Data is the oil of the 21st century. Just as oil powered the industrial revolution, data is powering the digital revolution. Much like oxygen is vital for human survival, data is becoming vital for organizational success.

What created the oil we use today? ›

We call crude oil and petroleum fossil fuels because they are mixtures of hydrocarbons that formed from the remains of animals and plants (diatoms) that lived millions of years ago in a marine environment before dinosaurs existed.

Who said data is the oil? ›

Joe Kaeser: Data is the 21st century's oil, says Siemens CEO Joe Kaeser.

Why is data considered by many as the new oil essay? ›

Why is data the new oil? Data is the new oil because, like oil, it is a finite and valuable resource that powers modern industries. However, unlike oil, the value of data increases as it is shared and used.

Did British mathematician Clive Humby famously said in 2006 that data is the new oil? ›

British mathematician Clive Humby famously said in 2006 that “Data is the new oil.” In the 16 years since, companies of all sizes have drilled for and stored more and more data about their customers and business operations to drive performance and growth to reach their goals.

Why is data considered the new gold? ›

This phrase encapsulates the idea that in today's digital age, data has become an incredibly valuable resource, much like gold was during the gold rush era[3][7]. In the context of Artificial Intelligence (AI), data is the raw material that fuels AI systems.

How much is a person's data worth? ›

Depending where you live, information about you could be worth at least several hundred dollars a year to Facebook and Google alone. For someone living in the United States, your data generated over $600 in revenue for just those two companies last year, according to our analysis of their regulatory filings.

Is data worth more than gold? ›

In today's digital age, we often hear the saying, “Data is the new gold.” While gold has long been considered a valuable asset, it is becoming increasingly clear that data holds an even greater significance in our modern world.

Top Articles
Latest Posts
Article information

Author: Stevie Stamm

Last Updated:

Views: 5883

Rating: 5 / 5 (80 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Stevie Stamm

Birthday: 1996-06-22

Address: Apt. 419 4200 Sipes Estate, East Delmerview, WY 05617

Phone: +342332224300

Job: Future Advertising Analyst

Hobby: Leather crafting, Puzzles, Leather crafting, scrapbook, Urban exploration, Cabaret, Skateboarding

Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.