Petroleum is the most valuable commodity in the history of the world. But, many people says 2020 will be the year of data. Is data worth more than oil? Data is more valuable than oil. It can be used by many people simultaneously without being depleted. In a digital economy, companies have started treating data like an asset. We live in an age where running business with the help of data is the new standard. Data help us to know which of your products are currently hot items on the market. It is an important information that reflect personal data of costumers on the web searches. Google and Facebook have made billion dollar businesses from this data.
“If data were petroleum in the artificial intelligence era,
then China would be Saudi Arabia”
The founder and chief executive of Beijing-based Sinovation Ventures told that China would be the new Saudi Arabia. China is the country with massive number of internet users (greater than the United States and Europe) which provide the big data. China is projected to lead the world in artificial intelligence in less than 10 years to become the largest economy. If data is ‘the new oil’, then the data scientist functions much like an oil refinery, converting data into insights that can both save money and generate capital.
References:
1. https://www.economist.com/business/2017/07/15/china-may-match-or-beat-america-in-ai
2. https://www.forbes.com/sites/arielcohen/2019/06/07/as-china-challenges-the-u-s-in-ai-big-data-and-machine-learning-are-reshaping-the-energy-industry/
3. https://www.yicaiglobal.com/news/china-is-to-data-what-saudi-arabia-is-to-oil-kaifu-lee-tells-ai-forum
