I entered the world of consulting almost four years ago, and I’ve been lucky to have experienced various roles, from Project Management in Munich to Change and Strategy Management in Bristol. My interest in data sparked almost two years ago and being part of the Insights & Analytics team inspired me to improve my knowledge on what was out there…and my gosh, there’s a lot. At first this can be slightly overwhelming but with a little good advice and online resources I managed to get started.
I came across the analogy when participating in an exciting data related debate (I know I know…but give me a chance to explain) and at first, I thought the answer was an obvious Yes. But as one tends to do after a topical discussion, I began to reflect on my answer. Maybe I had made a rash decision?
Can Data really be called the new oil?
Let’s break this down.
In a book published by Gartner “Leading the IoT” Mark Hung (Gartner Research Vice President) states that by 2020 they expect to see 20 billion internet connected objects such as cars, vending machines and jet engines. If we include general-purpose devices, such as PCs and phones, Cisco’s White Paper, “How the next Evolution of the Internet is changing everything” predicts that there will be more than 50 billion connected devices. The sheer number of connected items will lead to an explosion of data being created, also known as “Big Data”. Putting aside that this will be for an estimated Global population of 8 billion; it’s overwhelming to know that the market opportunity for this could be in the trillions!
I’m assuming by now you can see why the debate was exciting?
Let me go on.
90% of the data in the world has been generated in the last two years (I know!) This is 2.5 quintillion bytes of data at our current pace, but at the rate technology is evolving (notably with the help of IoT) the pace will accelerate even more. The following diagram shows just how much data is being created every minute.