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#OracleDigitalDay: Data is the new Oil…is it really?
“Data is the new Oil…is it really?” said Mr. Janusz Naklicki, Vice President Technology RACE Region, Russia, Africa, Central and…
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“Data is the new Oil…is it really?” said Mr. Janusz Naklicki, Vice President Technology RACE Region, Russia, Africa, Central and Eastern Europe during his presentation on Strategy and Vision for the Journey to Cloud on the third annual Oracle Digital Day in Nairobi.
Data which is qualified with the 4 V’s: Volume-scale of data, Variety-different forms of data, Veracity-uncertainty of data,Velocity-analysis of streaming data would indeed be quantified to oil.
“The person who said that data is the oil of today’s world was a very smart person but I want to challenge this and say oil cannot be reused but data can. Data can be reused to create more data,” added Mr. Janusz.
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During his presentation, Mr. Naklicki explained that data makes more data, it can be consumed by multiple people, places and things at the same time and that data’s value increases when combined with other data.
“The question is, do people really appreciate or understand the value of data? You take about 500 companies of the world Standard and Pull 500, the really big companies, top 500, 84% of the value of the market of those companies are coming from intangible assets. 16% is the tangible asset. 84% is intangible 55 of organisations understand the value of the data,” he concluded.