Stop thinking of data as the new oil

For decades, we’ve compared data to oil: a resource to be extracted, processed, and used. 

But what if this analogy were wrong? 

But what if this analogy were wrong? What if, instead of treating data as something to exploit, we began to see it as something to nurture — as a living part of a broader ecosystem of innovation?

In my view, businesses can be divided into two groups: extractivists on the one hand and contributors on the other. Both approach data in very different ways, leading to very different results. Let me explain. 

The extractivists

Extractivists see data as raw material. 

They focus on short term gains, immediate returns on their investments, and instantly actionable insights. They also tend to centralize data, so that only few people within an organization have access to it. 

In this context, data becomes siloed or employed for narrow purposes. 

User data, employee data, sales data, operational data, process data: all this information only reaches certain stakeholders in an organization. And they only have visibility into what matters for their immediate goals. 

They don’t think about the broader data ecosystem. They are only concerned with meeting their key performance indicators for the quarter. 

For both workers and leaders, this encourages a simplistic, transactional relationship to data. Information never becomes true insight nor does it serve any purpose to a virtuous long-term ecosystem. 

The contributors

Contributors, meanwhile, see data less as oil and more as fertile ground, where new ideas and solutions can grow. 

Unlike oil, data is never really used up. On the contrary, it adds up: it can be forever reused, reinterpreted, redistributed. 

Contributors also believe in democratizing data. 

As the British Computer Society explains, in a recent article: “The more data is shared between organizations, service providers, supply chains, and payment platforms — especially in real-time — the more valuable it becomes.”

Instead of a linear path from data extraction to consumption, contributors envision a virtuous loop, where data fuels growth, empowers people, and generates even more useful data. 

Data in the age of AI

This is an important discussion because, as businesses race to adopt AI tools, data is going to become more important — and more plentiful. 

After all, AI needs data. The more data a model is trained on, the better its results. That’s why the history of AI is also the history of increasing data points, from mere dozens to trillions. By some measures, we’ve produced more data in the past three years than ever before in human history. 

But what does this mean for your organization? 

It means tending to your data ecosystem. It means fostering an environment where your entire workforce is empowered to use data — instead of gated off from it. 

After all, what makes an ecosystem resilient? What allows it to thrive? Diversity and interconnectedness. 

To untap its potential, data needs to circulate through every level of your organization — and, in some cases, even your industry. (That’s why data security is so important: you need to ensure your data can travel safely as it’s shared and repurposed.)

And it’s not enough for data to be available; it also needs to be accessible. Your workforce needs the right training and software tools to find, interpret, and understand the data. 

This way, you won’t be simply extracting isolated data points, lost in the noise. 

Instead, you’ll be contributing to a rich data ecosystem where tomorrow’s innovations can bloom and everyone can benefit from it.