Organizations need to deliberately create data

The pervasive metaphor of data as oil has significantly influenced the way organizations approach data management, often limiting them to the extraction and refinement of existing data sources. This approach can restrict data scientists, as they often find the necessary data to be unavailable or insufficient in quality, scope, and structure for advanced analytics and machine learning. Consequently, organizations should consider deliberately creating high-quality data tailored to their specific needs, rather than solely relying on existing data sources. Such proactive data creation, as exemplified by certain financial and insurance companies, can enhance predictive modeling and provide a competitive edge. Although the current tooling for data creation is not as advanced as extraction tools, the potential benefits of creating tailored datasets underscore the importance of investing in better data creation processes. Adopting a mindset beyond the "data is oil" metaphor could unlock greater value by empowering organizations to develop data platforms that support future applications and insights.