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"Data is the new oil" - Mr. Mukesh Ambani

In the new world of digitalization, data has become the ‘new oil’ as described by India’s richest Mr. Mukesh Ambani. The compelling effects of free-flowing data as seen by some of the world’s largest conglomerates like Facebook, Amazon, Alibaba, etc. has shown industry experts that data is the next big revolution for the technology industry within this realm.

What, you may think, is so special about simply collected data?

The only answer to this is that this new reservoir of knowledge will be used to create a seamlessly meticulous as well as cost effective world of machine learning based AI systems, services that run solely on the algorithms obtained from quondam user choices and the lifetime chance to establish something unfathomable! The prospects in such an era are, quite possibly, unending.

Data has always been what it is: cold hard facts that accurately sum up any model or theory no matter how impressive or inadequate it may be. World leaders like Mukesh Ambani, Bill Gates, Jack Ma, Larry Page, Elon Musk and the hundreds of other pioneers of success in their respective fields have also mentioned in numerous interviews that what they rely on most for the growth of their organisations is data, data and some more data.

Just like how the oil boom was perceived to be a propelling factor for the immense growth in an economy, the generation, collection, processing and analysis of new data has again and again proved to be beneficial (in most aspects) toward the contribution of sciences and evolution.

Data is constantly mounting up day by day; loads of new information is being fed into machines and analysed, researchers and data scientists draw interpretations from the new data and then go on to develop new devices that in turn help gather even more data and analyse it better. You may think: “Why the sudden emphasis on data?” Well, for starters, the results that data analysis has produced up till recently have changed the face of major game changers in the global market.

What is the reason for Alibaba Group Holding Ltd.’s continuous and unimpeded growth? The executives of Alibaba Corp. decided to incorporate the user-based data they had obtained through their fitness app in order to create a large and comprehensive platform to not only market their sports wear but also gain broadcasting rights and maximize profit. This is a coherent example of the smart use of available data.

Given this context as an example, we can only think what humans could do with enhanced data analysis apparatus. Making informed decisions on the basis of data analysis results as well as improving the overall quality of one’s product or service, is just a drop of the advantage gained out of the ocean.

The disciplines of science, mathematics as well as statistics and econometrics have advanced rapidly in the past decade thanks to the brisk pace at which technology has developed to handle data more efficiently. Given a few rows and columns of data, a simple regression analysis run through of the data set will provide the user with every little piece of information, complete with a seemingly accurate forecast prediction based on previous observations.

Data is such an astronomical field of study that it is limitless in the pursuit of evolution of technology. Data is involved in everything that is comprehensible in the real world, and one who masters the science of data management can never go wrong in simulating an accurate model.

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