Article (≃ 876 words)

Data is Oil
Siratoon Nahar, MAKUAT, India; Tirthankar Das Thakur, MAKUAT, India; and Bidisha Maiti, MAKUAT, India

Like oil, for those who see Data’s fundamental value and learn to extract and use it, there will be huge rewards. We are in a digital

economy where data is more valuable than ever. It’s the key to the smooth functioning of everything from the government to local

companies.

Siratoon Nahar. Student of Computer Science and

Engineering at MAKUAT University.Her“Data is the

D ita in the 2lst Century is like Oil in the l8th

Century: an immensely, untapped valuable

asset. Like oil, for those who see Data’s fun-

damental value and learn to extract and use it there will be

new oil. Like oil, data is valuable, but if unrefined it cannot
huge rewards.
be used. It has to be changed into gas, plastic, chemicals, etc.
We’re in a digital economy where data is more valuable
to create a valuable entity that drives profitable activity. So,
than ever. It’s the key to the smooth functionality of every-
must data be broken down, analysed for it to have value”?
thing from the government to local companies. Without
As with oil, data will now shape our world. Oil drove the
it, progress would halt. Local Data Infrastructure Should
evolution of cars and our infrastructure; our roads and
Become a Profit Center
bridges and air travel broke down the global barriers for
For many companies, their data infrastructure is still
travel and trade. Data in the 2lst Century is like Oil in the
a cost center nowadays and should become a profit cen-
l8th Century: an immensely, untapped valuable asset.
ter by using the data to improve everything, day by day.

They thank the following research assistants for their work Companies must begin treating data as an enterprise wide

on this article: Tirthankar Das Thakur, Bidisha Maiti. corporate asset while also managing the data locally within

They also thank the incredibly generous and thoughtful business units.

reviewers, who engaged in the best possible way with the This enables sharing of data about products and cus-

arguments they have offered here. The article is much tomers – which provides opportunities to up sell, cross

stronger for their work. sell, improve customer service and retention rates. By using

doi:10.1017/pps.2021.xx

1 Data is Oil © American Political Science Association 2021

Article Article Title

internal data in combination with external data, there is a not oil, is now the most valuable resource in the world. Indu-

huge opportunity for every company in the world to create stry experts have coined the phrase “data economy” to describe

new products and services across lines of business. the influence and prominence of big data in today’s society..

Nulla malesuada porttitor diam. Donec felis erat, con-

When your business is growing, more and gue non, volutpat at, tincidunt tristique, libero. Vivamus

more people have opinions about which viverra fermentum felis. Donec nonummy pellentesque

steps need to be taken. It helps to work ante. Phasellus adipiscing semper elit. Proin fermentum

with a ‘good data beats opinion’ massa ac quam. Sed diam turpis, molestie vitae, placerat

philosophy. Almost everything can be a, molestie nec, leo. Maecenas lacinia. Nam ipsum ligula,

tested, measured and improved. eleifend at, accumsan nec, suscipit a, ipsum. Morbi blan-

Lorem ipsum dolor sit amet, consectetuer adipiscing dit ligula feugiat magna. Nunc eleifend consequat lorem.

elit. Ut purus elit, vestibulum ut, placerat ac, adipiscing Sed lacinia nulla vitae enim. Pellentesque tincidunt purus

vitae, felis. Curabitur dictum gravida mauris. Nam arcu vel magna. Integer non enim. Praesent euismod nunc eu

libero, nonummy eget, consectetuer id, vulputate a, magna. purus. Donec bibendum quam in tellus. Nullam cursus

Donec vehicula augue eu neque. Pellentesque habitant pulvinar lectus. Donec et mi. Nam vulputate metus eu

morbi tristique senectus et netus et malesuada fames ac tur- enim. Vestibulum pellentesque felis eu massa.

pis egestas. Mauris ut leo. Cras viverra metus rhoncus sem.

Nulla et lectus vestibulum urna fringilla ultrices. Phasellus

eu tellus sit amet tortor gravida placerat. Integer sapien est,

Lists
iaculis in, pretium quis, viverra ac, nunc. Praesent eget sem
List in LATEX can be of three types: enumerate, itemize
vel leo ultrices bibendum. Aenean faucibus. Morbi dolor
and description. In each environments, new entry is added
nulla, malesuada eu, pulvinar at, mollis ac, nulla. Curabi-
via the \item command. Enumerate creates numbered
tur auctor semper nulla. Donec varius orci eget risus. Duis
lists, itemize creates bulleted lists and description creates
nibh mi, congue eu, accumsan eleifend, sagittis quis, diam.
description lists.
Duis eget orci sit amet orci dignissim rutrum.

l. First item in the number list.

Many industry experts and popular business publications, 2. Second item in the number list.

including The Economist, have recently attested that data, 3. Third item in the number list.

2 Data is Oil
List in LATEX can be of three types: enumerate, itemize and is not used.
Y∞ = m −3 3 ln(m/GeV) ln(c2/S)
description. In each environments, new entry is added via l+ + (3)
GeV lS lS
The class file also supports the use of \mathbb{},
the \item command.
\mathscr{} and \mathcal{} commands. As such
• First item in the bullet list.
\mathbb{R}, \mathscr{R} and \mathcal{R} pro-
• Second item in the bullet list.
duces R, ℛ and R respectively.l
• Third item in the bullet list.
Voluptatem quaerat non architecto ab laudantium modi

minima sunt esse temporibus sint culpa, recusandae ali-

Equations
quam numquam totam ratione voluptas quod exercita-
Equations in LATEX can either be inline or on-a-line by
tionem fuga. Possimus quis earum veniam quasi aliquam
itself. For inline equations use the $...$ commands. Eg:
eligendi. Voluptatem quaerat non architecto ab laudan-
The equation Hk = Ek is written via the command Hk =
tium modi minima sunt esse temporibus sint culpa, recu-
Ek.
sandae aliquam numquam totam ratione voluptas quod
For on-a-line by itself equations (with auto generated
exercitationem fuga. Possimus quis earum veniam quasi
equation numbers) one can use the equation or eqnarray
aliquam eligendi. Voluptatem quaerat non architecto ab
environments D.
laudantium modi minima sunt esse temporibus sint culpa,
l
L = ikç µ D k − ACBa F aµv − mkk (l) recusandae aliquam numquam totam ratione.
µ µv
&

where,

D = m – kg ha a

µ µ A Figures
2 µ
Fa = mµ A − mv Aa + g ƒ CYI Ab Aa
a
(2) As per the LATEX standards eps images in latex and
µv v µ µ v

pdf/jpg/png images in pdflatex should be used. This

Notice the use of \nonumber in the align environment at is one of the major differences between latex and

the end of each line, except the last, so as not to produce pdflatex. The images should be single page documents.

equation numbers on lines where no equation numbers are The command for inserting images for latex and pdflatex

required. The \label{} command should only be used can be generalized. The package that should be used is the

at the last line of an align environment where \nonumber graphicx package.

xx 2021 Vol. 4/No. xx 3

Article Article Title

Figure 1
Table 1
This is an example of caption this is an example
Tables which are too long to fit, should be writ-
of caption this is an example of caption this is an
ten using the “table*” environment
example of caption.
Element 1 Element 21
States
0.3
0.1 0.4 Project Energy acalc aexpt Energy acalc aexpt
0.4 0.3

Low 0.7

Moderate
0.5 0.2 Stage 3 990 A 168 47±12 78 A 66 39±10
0.4
0.2
Stage 4 500 A 961 22±10 90 A 68 92±40
High
0.2

Note: This is an example of table footnote this is an example

Markov Chain
(example) 0.3

of table footnote this is an example of table footnote this is an

Latent Variables

lv(i–1) lv(i) lv(i+1)

example of table footnote this is an example of table footnote
Observations ob(i–1) ob(i) ob(i+1) 1This is an example of table footnote

Tables
“Figure l”. The reference citations should used as per the
Tables can be inserted via the normal table and tabular envi-
“natbib” packages. Some sample citations: Ananin and
ronment. To put footnotes inside tables one has to use
Mironov (2000) and (Ananin and Mironov 2000; Bai
the additional “fntable" environment enclosing the tabu-
and Meng 200l; Cañete and Khudoyberdiyev 20l3; Goze
lar environment. The footnote appears just below the table
and Remm 20ll; Petersson 2000).
itself.

Appendix. Title for Appendix Section

Cross referencing
Appendix text here.
Environments such as figure, table, equation, align can

have a label declared via the \label{#label} com-

Notes
mand. For figures and table environments one should

use the \label{} command inside or just below l This is sample for footnote this is sample for footnote

the \caption{} command. One can then use the this is sample for footnote this is sample for footnote

\ref{#label} command to cross-reference them. As this is sample for footnote.

an example, consider the label declared for Figure l which

is \label{fig1}. To cross-reference it, use the com- Conclusion

mand Figure \ref{fig1}, for which it comes up as Data: The Ultimate Renewable Resource

4 Data is Oil
 It’s clear that data really is the new oil and that the main

impact on humanity isn’t how tech giants are monetizing

our attention units, but about how data can improve our

lives.

Sounds familiar, doesn’t it? Oil causes pollution, yet it

was also responsible for lifting a large majority of the popu-

lation of the world out of dire poverty. We must manage the

dark side of data, but the advances in data fuels are worth

the effort.

References

Ananin, Beth, and Mironov, Antony. 2000. “The moduli

space of 2-dimensional algebras”, Comm. Algebra 28(9),

&&8l–&&88.

Bai, Clifton, and Meng, Dyck. 200l. “The classification of

Novikov algebras in low dimension”, J. Phys. A: Math.

Gen. 3&, lS8l–lS9&.

Cañete, Enderson, and Khudoyberdiyev, Angus. 20l3.

“The classification of &-dimensional Leibniz algebras”,

Linear Algebra and its Applications &39(l), 273–288.

Goze, Michael, and Remm, Edward. 20ll. “2-dimensional

algebras”, Afr. J. Math. Phys. l0(l), 8l–9l.

Petersson, Hentry. 2000. “The classification of two-

dimensional nonassociative algebras”, Results Math 37,

no. l-2, l20–lS&.

xx 2021 Vol. 4/No. xx 5