There’s a lot of mainstream media coverage these days about the amount of data that’s being generated every day. Traditional structured data sources such as inventory systems and point-of-sale terminals, plus not-so-traditional unstructured sources such as social media, fuel the impressive growth we’ve seen over the past few years. In fact, I saw an interesting study the other day that reported that 90 percent of the data in the world today has been created in the last two years alone!
As impressive as that is, it’s clearly just the beginning of a huge growth curve – especially when you consider the data that will be generated when wearables, sensors, and other Internet of Things (IoT) devices reach critical mass in the coming years. Having access to this amount of data can bring unprecedented amounts of customer insight and operating efficiencies (to name just a few benefits), but only if the data analyst can effectively blend and analyze the data.
Leslie Picker, a journalist for The New York Times, recently sat down with three industry leaders to discuss how Big Data collection, storage, and the awareness generated from that data, can help a company thrive, or even simply survive.
It was fascinating to hear Ganesh describe how a massive, 126-year old company has been completely re-imagined through the use of data collected in all aspects of its business – making their operations more modern, efficient, and productive. Key to these productivity gains has been the elimination of traditional barriers restricting who could have access to data. All three executives agreed that giving line-of-business data analysts access to not only the data, but also self-service data blending and analytics tools, will result in deeper business insights than are possible with legacy tools and data scientists alone.
Watch this dynamic and thought-provoking discussion to hear about what these industry luminaries believe are the key paths to success, both now and in the future, as well as get practical advice on how you can blend data from a variety of data sources to make better decisions.
“What’s amazing in the last half a decade is how much more unstructured and semi-structured data is coming into the fold to make better analytical decisions. When you look at most of the firms that are working with data today, there’s much more opportunities to bring in cloud data, social data, and data that’s coming from IoT sources. And this is actually a very different place in terms of data and the use of data to make decisions than we’ve ever seen in our lifetimes.”
- George Mathew – President and COO, Alteryx
“Some of the biggest problems in the world are going to be solved because we’re now going to think about the whole problem. And we can solve the whole problem because we can see all the way from the machines to people to processes to data that’s connecting all of these things to form a digital thread.”
- Ganesh Bell – Chief Digital Officer, GE Power & Water
“If you look at the industrial revolution, companies that knew how to adopt machines to build stuff were the companies that succeeded. Companies that did not know how to adapt to the industrial revolution – all of them disappeared. I am confident that the same exact thing is happening right now. Companies that know how to adopt data as part of their mission will succeed, and those that don’t, will not last for long.”