May 27, 2026 l Business Mirror
Some say data is the “new oil” or the “new gold.” The comparison is intriguing.
Like oil, data is useless unless it is refined. Raw data must first be extracted, processed and analyzed before it becomes valuable. Once properly refined, data can power almost everything: from advertising and artificial intelligence to management decisions and economic growth. Processing data requires verifying its accuracy, analyzing the data and structuring the data in ways that help organizations achieve goals or guide business decisions.
Just as there are oil giants, today we have tech giants; companies that own digital infrastructures and have recognized the immense power of data. These corporations have built modern monopolies by leveraging the massive use of digital devices in today’s digital economy. They use data to train machine-learning models, improve algorithms, make advertising more effective and develop increasingly efficient automated systems.
Like gold, data is an asset that can endure over time if properly preserved. Its value can even appreciate through continuous use and accumulation. However, raw or granular data, like unmined gold, has little value unless it is processed and transformed into something useful.
In the digital economy, “mining” data means customizing and analyzing information to meet business needs. Companies use data to generate reports on consumer behavior, improve sales strategies, reduce operational costs, streamline workflows and ultimately increase revenues.
Yet data mining, much like mining for gold, is neither simple nor effortless. Data mining requires specialized tools, digital expertise and intensive labor to identify the right metrics and extract valuable insights.
However, compared with oil and gold, data may actually be more powerful. In terms of value, the comparison is fitting but data possesses unique attributes that surpass both oil and gold.
First, data continues to expand in availability, whereas oil and gold are finite resources. Oil reservoirs can be depleted or permanently damaged. A recent example is the blockage of Iranian oil cargo shipments due to United States sanctions. Because production had to be reduced, storage facilities reached capacity, forcing oil wells to shut down. According to Miad Maleki in an article published by iranintl.com on April 13, 2026, shutting mature oil wells can cause “water coning,” a process in which underground water intrudes into the reservoir and permanently traps oil within rock pores, resulting in irreversible damage.
Second, while oil can only be consumed once, data can be reused, recycled and utilized simultaneously by multiple users. The same data can generate value repeatedly across different industries and applications.
Most importantly, data is accessible to all of us. Every day, we generate it through our transactions, communications, searches and online activities. The real question is whether we choose to harness its value or simply waste it.
In the modern economy, those who understand how to collect, refine and use data effectively may become the new industrial powers of our generation.
***The views expressed herein are her own and do not necessarily reflect the opinion of her office as well as FINEX. For comments, email wimiranda@inventormiranda.com. Photo is from Pinterest.