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Opinion: Data isn’t the new oil – with IoT, it will be much bigger

February 24, 2020 / Sean Beard
SHARESHARESHARE

In tech circles, data becoming the world’s most valuable resource is a common refrain. Some even say it’s the new oil. And as with oil, the world’s economy is starting to pivot around the wealth and potential data promises. In the context of the Internet of Things, however, data starts to paint a different picture  a much bigger picture. Whereas oil is a finite resource whose value is tied mostly to its scarcity, IoT has the potential to make data virtually unlimited. Imagine you’re an enterprise company with 1 million sensors in the field at any given point. Those sensors constantly gather and send a massive number of data points at every single second of the day. The importance of IoT in business, then, comes down to this data deluge.