Data is the New oil of Industry?

Let's go back to 18th century ,when development was taking its first footstep.The time when oil was considered to be the subset of industrial revolution. Oil than tends to be the most valuable asset in those time. Now let's come back in present. In 21st century, data is vigorously called the foundation of information revolution. But the question that arises is why are we really calling data as the new oil. Well for it's explanation

Now we are going to compare Data Vs Oil

1. Data is an essential resource that powers the information economy in much the way that oil has fueled the industrial economy.
2. Once upon a time, the wealthiest were those with most natural resources, now it’s knowledge economy, where the more you know is proportional to more data that you have.
3. Information can be extracted from data just as energy can be extracted from oil.
4. Traditional Oil powered the transportation era, in the same way that Data as the new oil is also powering the emerging transportation options like driverless cars and hyperloop (1200km/hr) which are based on advanced synthesis of data inform of algorithms and cognitive knowledge without use of fossil fuel.
5. Traditional oil is finite, Data availability seems infinite.
6. Data flows like oil but we must “drill down” into data to extract value from it. Data promises a plethora of new uses — diagnosis of diseases, direction of traffic patterns, etc. — just as oil has produced useful plastics, petrochemicals, lubricants, gasoline, and home heating.
7. Oil is a scarce resource. Data isn’t just abundant, it is a cumulative resource.
8. If Oil is being used, then the same oil cannot be used somewhere else because it’s a rival good. This results in a natural tension about who controls oil. If Data is being used, the same Data can be used elsewhere because it’s a non-rival good.
9. As a tangible product, Oil faces high friction, transportation and storage costs. As an intangible product, Data has much lower friction, transportation and storage costs.
10. The life cycle of Oil is defined by process: extraction, refining, distribution. The life cycle of Data is defined by relationships: with other data, with context and with itself via feedback loops.

Data is valuable, and can be ‘mined’ and refined, like oil. But there are many differences where the analogy breaks down:

• Oil is a finite resource that that we are drawing down on. Data is growing at an exponential rate.
• Oil is consumed when it is used. Data is not. We can make copies of data.
• Oil is stored physically and is not easily replicable. Data is stored digitally and is readily replicated.
• Oil is a commodity. Data is highly context dependent.
• There are lots of other analogies for data as well. For example:

1. Data is like currency (a medium for exchange, when we exchange our data for ‘free’ services)
2. Data is like water (abundant and essential for our survival, but requiring cleaning)
3. Data is a weapon (dormant, but with the potential to cause harm)
4. However, for all of these, they only show some aspects of data while editing out the others. Ultimately, all analogies break down and it may be futile looking for a single phrase to capture the multi-faceted nature of data.

As Per me this is a Subjective , everyone has own explanation 😉

Happy Learning...!!