Data is the new oil
So we can’t escape all the stories at the moment around data and the many ways it’s being used or misused (yes Facebook I’m looking at you).
Data has become one of the hottest commodities in the last decade due to the evolution of technology and the capability to now capture it in the simplest of ways. Every time you use social media, like that article, shop in store or complete surveys you’re literally throwing your data out into the world and everything company you can imagine is lapping it up.
The explosion of collecting data from a endless variety of touch points on the average Joe has led to some of the most personalised and annoying marketing campaigns in human history. Remember that time you liked that post about some new cuddly toy and then over the next few weeks across any digital platform you’re bombarded with buy it here, buy it now ads for that said toy – yeah they got you good with that one, nothing is secret anymore and every company on earth wants to know what they can sell you.
Nations would search the globe for new oil fields hoping this would lead to long term and a lot of riches – the same is happening now with your data profile. Companies have teams even whole divisions of people whose sole purpose is to amass as much data as possible on you, build a profile to know anything they could need to connect with you.
Now not all entities are using data in a bad way, there are many examples of companies who are using data to help and enhance our lives. But a trend we are starting to see all too often is how the data we are just dropping all over the place is being misused in a variety of ways.
There’s a war going on right now across our world, it’s not in the fields or in the air, it’s happening on your phone, computer and iPad. Companies are fighting to get your data, to know anything and everything they can and they want to own as much of this as possible.
Oil was the commodity our world has fought to obtain and rule over for decades, but now there’s a new guy in town and data is king.