“Data is the new oil.” This is a commonly quoted phrase in board rooms and presentations of strategy consultants. It is not just a slogan, but the massive success of data-driven business models pursued by the world’s biggest technology companies shows how true that statement really is.
The likes of Facebook, Google, Amazon generate billions in revenue by sifting up data from consumers and businesses alike. At the same time, the public backlash against data-hungry tech giants is increasing. Facebook’s privacy scandals and news of Google employees actively reading Gmail users’ emails have led to heavy criticism by the media, politicians and even technology leaders.
Author: Maiko Schaffrath
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