In the digital economy, data has firmly established itself as a critical economic asset, often referred to as the “new oil.” This analogy captures its vast potential, but unlike traditional commodities, data possesses unique characteristics that set it apart. While oil is a finite resource that diminishes upon use, data’s value actually increases with its scale, variety, and reusability. As a non-rivalrous asset, data can be used by multiple entities simultaneously without being depleted, making it a powerful tool for businesses, governments, and individuals alike.
Research by the McKinsey Global Institute underscores this point, estimating that data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable. This highlights how data not only supports existing business models but can also create entirely new revenue streams, driving innovation and economic growth across sectors. … Reed Full Article
