Data is the new oil. In fact, its potential for value extraction surpasses that of oil. Unlike oil, data is non-rivalrous, meaning multiple users can exploit the same dataset without reducing its supply for others. It is easily replicable and its value generally does not diminish once revealed, although sometimes that is the case.
Throughout history, models have emerged for extracting value from data. Initially, data’s value lay in its application within algebraic equations, even before the technological era. With the advent of software, data-analysis ascended to greater sophistication, facilitating the rapid processing of vast quantities of data. Technology catalysed
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