There was a saying that went around saying “data is the new oil” and that the most valuable resource we have now is no longer oil but data. If you google this statement, you will get a plethora of articles supporting both sides.
I personally agree with the sentiment that it is the new oil. Data is the backbone of everything nowadays as technology fuels the world. You search something online and then boom; it appears on your Facebook news feed. That’s a direct result of a data collection. However, there is a strong opposing argument that says data is not the new oil because there is only a finite amount of oil whereas data is infinitely renewable. Data also becomes more useful with repeated use and technology is only making it easier to access it. Businesses have a lot of data in their backend but not all of them have the resources or capacity to analyze and utilize the data to streamline their business operations.
The other night I came up with what is now my most recent business venture. Suddenly like magic, the name phyberlytics came to my mind. The goal of this business is to offer services such as data consulting to companies to uncover insights that can help improve their business performance. I’ve always been intrigued by data science and its applications and have taken some time to self-educate myself on the matter. In fact, the programming language I’ve been studying meticulously recently is Python which is used for data science. I know data is not only valuable but can be lucrative when used in the right fashion. I’m currently building a rudimentary site for phyberlytics, check it out at www.phyberlytics.com