Data is not the new oil

Drops by Nithya Ramanujam

Data is often pictured as the new oil. Like oil has been the essence of mobility and manufacturing industry as well as source for plastics, we tend to think data is the matching essence for the future. But. Oil is nonrenewable raw-material and causes problems that reflect long in to the future. Same problems, effective data usage can help solve.

We seem to have two-sided take on data. We see it as a huge possibility but also it causes many sorts of fears. As individuals we share our personal data quite carefreely on the internet but at the same time we are very alert about our privacy. We realize that applications that use our data can make our lives easier, but we are afraid to give them control. A good example of this is the conversation about self-driving cars where the extreme opposites dominate the discussions: wheather the autonomous vehicles should be allowed on streets at all or should human drivers be removed all together and let these robots handle mobility of people and goods.

Often you hear talking that there is too much data in the world. At the same time Artificial Intelligence algorithms are starving and companies don’t utilize even the data they produce from their own functions. Not to even mention the possibility of selling that data or sharing it with partners in order to develop business models.

Data is absolutely useless if it’s not used. And it’s almost impossible to use it if data quality is not harmonized. Companies and organizations are afraid to use their data if they don’t know if they can trust the quality. Data economy clearly needs new players that can address these harmonizing and quality issues.

Platform of Trust is this kind of player. It aims to turn data in to the raw-material of future business by harmonizing the data coming from different sources and organizations, by creating a faster and more agile way of co-operation by building a platform for data sharing and licensing. Trust, ownership of data and GDPR compliancy are on the base of the platform.

Data is not the new oil but more like new water. Water circulates in the nature. Water alone is not enough but water and nutrients together make nature flourish. Water doesn’t pollute, neither. Let’s say data is the new water. And let’s learn to create new business where data is to economy what water is to nature.