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Why do they say Data is the new Oil?

The phrase “data is the new oil” is often used to highlight the immense value of data in the modern economy, similar to how oil has been a fundamental resource powering the industrial and technological advancements of the 20th century. This analogy, popularized by Clive Humby in 2006, underscores several key parallels between data and oil, underscoring the role of data as a crucial asset in the digital age. Here are the main reasons behind this comparison: 1. Valuable Resource Just as oil has been a critical driver of economic growth, technological innovation, and geopolitical strategy, data is now seen […]

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What is the theory behind Data Project ROI?

A data project’s Return on Investment (ROI) quantifies the financial return compared to the project’s cost. Calculating ROI for data projects can be complex and varies significantly across different initiatives and industries. However, the essence of measuring ROI in this context involves assessing both tangible and intangible benefits against the investment made. Here’s a breakdown of how ROI for a data project can be approached: 1. Cost of the Data Project This includes all expenses related to the project, such as: 2. Benefits of the Data Project Benefits can be direct (tangible) and indirect (intangible), such as: 3. Calculating ROI

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