The phrase “data is the new oil” is the cliche du jour of the tech industry. It was coined by Clive Humby, the genius behind Tesco’s loyalty card, who argued that data was “just like crude. It’s valuable, but if unrefined
it cannot really be used. It has to be changed into gas, plastic, chemicals, etc to create a valuable entity that drives profitable activity; so must data be broken down, analysed for it to have value.”
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