Data is just like crude. It’s valuable, but if unrefined it cannot really be used.
If you are involved in business intelligence, business analytics or big data, you have undoubtedly heard how ‘Data is the new oil’. Heck, you may have even used it yourselves. After all, searching for for this term returns over 550M hits on Google.
What you may not know is Clive Humby first coined this term in 2006 in ANA Marketing Maestros: Data is the New Oil.
What I love about this quote is the inherent contradiction:
- Oil has been the key commodity to own over the past 50 or so years – think about the billions of dollars traded daily, not to mention the countless lives lost because of it
- Oil is however, just a commodity. Just like data, it’s valuable, but if unrefined it cannot really be used.
Let’s put things in perspective. We ‘ve all seen many studies quoting how much data we have at our disposal today. Here is one from 2013: 90% of world’s data was generated over last two years.
So, that’s a good thing, right? Not so fast…
Data, just like crude oil, does not lead to better business decisions unless we can extract insights from it. We are so focused on the data we now have that we forgot most people are unable to extract even the most basic insights from their data.
To those of you using data to make better business decisions, I say this: I am sorry. We, in the business of delivering the technology to help you, have failed you.
Our obsessive focus on the 1% has caused us to forget the other 99% who are left dealing with spreadsheets.
Don’t get me wrong; the 40+ year-old Business Intelligence industry has created value. This is especially true for the technology companies that provide these products and services – more than $15B in 2014. At the same time, despite buzzwords such as personal data warehouse, self-service BI and now Agile Business Intelligence, it has failed to deliver on the promise of putting the power of information at the hands of the people that need it.
If you don’t believe me, here are some facts:
- Most estimates place the number of Excel users around 500M-1B
- According to Boris Evelson, Forrester’s research last year showed that 75-80% of all Business Intelligence content gets exported to Excel
- 45% of respondents to InformationWeek’s 2012 Business Intelligence, Analytics, and Information Management Survey cited “ease of use challenges with complex software…” as a barrier to BI adoption. Furthermore, the 2015 survey revealed that only 28% of respondents now say they’re standardizing, down from 35% in 2014.
Ask yourselves these questions:
- When you need to create a new dashboard or modify an existing one, can you do it yourselves or do you need to ask your IT department?
- How long does it take your IT department to get you what you need?
- How much of the data you need to drive business decisions lives in your BI platform versus your spreadsheets?
I can go on and on, but you get the point. Your over-worked and over-stressed IT department is trying to fulfill your requirements with one hand tied behind their back.
Now imagine. What if?
- Your entire organization had access to the same, real-time data
- You could create and modify your reports and dashboards without any IT help
- You could share your reports and dashboards with your colleagues and collaborate in real-time
So, the request to my friends and colleagues in the industry is this: Let’s start focusing on the 99% and the value will come. Only then we can move forward and help realize the promises we ‘ve been making for years. This is my dream and I hope iCharts can play its small part in realizing it. If you want to learn how we help organizations extract true insights from their data, take a product tour and contact us for a personalized demo below: