Data as a commodity

“Data is the new oil”
The title of a speech delivered by British mathematician Clive Humby at a 2006 Association of National Advertisers conference.

Across the backdrop of a golden sunset over the sea - an oil rig looms at the front of this photo. You can see the drill drop down into the ocean gathering millions of pounds worth of this precious commodity. These five words shone a light on the potential innovation that people’s personal information could fuel, as people began to better understand the power, and lucrative nature, of data in the digital age. 

In the intervening years, the phrase has come to symbolise how data is a vital commodity fuelling advances in sectors as diverse as healthcare, banking and entertainment. Today, businesses that effectively harness the power of their data tend to be the front-runners in their industries.

But with great power comes great responsibility, and organisations using data must follow rules to protect people’s privacy rights. The Information Commissioner’s Office offers advice on how to do that, including an innovation advice service to help organisations doing new or innovative things with personal information.

Just as oil powered the second industrial revolution, data is driving the next one. 