DATA IS THE NEW OILShreya Mathur
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 let's turn the clock back when crude oil was the most important product for running industries ,as it lead to the making of fundamental requirements of petroleum ,gas and plastics. Although it was only possible if crude oil is completely refined and filtered. Similarly data in today's worlds acts as a raw material which must be analysed, processed and fetched carefully so that it can generate useful information for its users.
In today's world, data is used in an immense way within several organisations whether it is medical, information technology or any corporation. Many big companies like Apple, Facebook, Google has been significantly successful in accumulating a large amount of data which helped them to build a large-scale company. Surprisingly you can be a little shocked after knowing the fact that the data these companies are eminently having is collected directly or indirectly from their own customers. For instance, when you are using google map on your smartphones, the application records your speed and the route on which you are travelling.This application accordingly collects information from all those people who are travelling on the same route as yours and then consequently shows you that the route on which you are travelling is either busy or fast.In short it is helping you smartly by just fetching all your data alongside giving company the profit that they really wants.Data predominantly helps you to live your life more easily and sorted in this tangled world. Data is also taking ahead our economy in every sector. Data is everything today. In today's time data has become an exponential and is soon going to become natural resource for people.