Drivers of change in 2019
This article is part of a series of articles on drivers of change in 2019. Read more.
The phrase “data is the new oil” was coined more than ten years ago and is still representative of today’s global economy. The underlying message of the phrase is that data is now more valuable than oil, which was once the world’s most precious commodity. Companies have been reacting as such, and now that the necessary computer, storage and analytics power are available, they have been cashing in on the new currency. However, with great power comes great responsibility.
Companies are leveraging data to drive business value at all levels of the organisation. In practice, turning data into a business asset ranges from marketers slicing and dicing customer data for custom insights and campaigns tailored to individual consumers; developers and engineers ushering data between different IT environments and tools; and, sales teams collaborating with customers globally. As organisations become ever more data driven, they must ensure that they are maintaining the integrity of their users’ data and protecting it from potential data breaches or malicious third parties.