Data is the new oil

Aramco has launched a new hosted Masters in Business Analytics and Big Data program, which is a collaboration between Training and Development and the IE Business School in Madrid.

Abdullah O. Al Baiz, vice president of Digital Transformation, spoke of the central importance of data in the 21st century.

“Data is the future oil,” he said. “Data, if it is harnessed and utilized effectively, will add huge value to the company.”

Al Baiz made his comments while speaking at the virtual launch of the new program. 

“Aramco will need even more data specialists in the future. Many more. This program is essential to bridge the skill gap and achieve an effective digital transformation,” Al Baiz said.

The highly regarded 20-month program was originally planned to commence with a two-week session in Madrid. The induction and first face-to-face session was shifted to an online format as a result of the COVID-19 pandemic. The program will in the future include three weeks of classes in Madrid and five weeks of classes in Dhahran, coronavirus conditions pending. 

The IE Business School was founded in 1973 as the Instituto de Empresa and is now part of the IE University.

Nabil K. Al Dabal, vice president of Human Resources, said these hosted university programs are very important to the development of the company and its employees.

“I see Aramco as a human company, as it supports the development of its employees,” Al Dabal said. 

“Given the challenges nowadays and also looking into the future, there is no option other than to embrace digital transformation,” he said.

“I am confident that our participants will enjoy great success. We will demonstrate this with our strong relationship with IE. Our company is excited about development, and believes in effective and strong collaborations with top schools.”

Lee Newman, Dean of IE’s School of Human Sciences and Technology, and Borja González del Regueral, the school’s vice dean of Data Science and Technology, attended the online event. 

Newman spoke about the expanding role of analytics in business, while del Regueral explained how IE is a global leader in data science initiatives.

Manuel López Martín de Blas, a professor in information systems management at the school, closed the ceremony, thanking the attendees for their participation.