The data-mining gold rush goes on, but we are reaching new levels all the time as “big data” brothers grow. Data is everywhere but how do we filter the noise? It is called Business Intelligence“ data mining” with BI clients such as IBM, Teradata, Tableau offering SaaS services and out of he box programs to help us make sense of it all. But make sense of what? Let’s put things into perspective with a couple of facts nicely put together by Business Intelligence vendor DOMO: Every minute of the day, 48 Hours of uploaded YouTube videos, 2.000K Google search queries, 571 websites are created, 700K users share a piece of content on Facebook, 100K Twits sent. Apple receives 47K App downloads … and the list goes on for much more!
Read this carefully: according Birst’s blogue: “By the end of the decade, given the plummeting prices thanks to Moore’s Law, digital sensors will be almost free and embedded in the world in numbers that will make even those consumer product numbers look tiny. . . and all are going to be compiling data on the world and everything taking place in it. This means that, as busy as the digital world is now, by then we’ll likely be spewing out a year’s worth of today’s data in an hour”..
At the time of their IPO process, Facebook made public that they themselves were already moving 20 terabytes of data every day! Marketers and decision makers need specific tools in order to find out, as Market Samurai puts it, the mots significant gold-nuggets and bits of strategic information in order to make the appropriate business decisions don’t you think? But as Birst writes on its blog: “As for the old IBM’s and Oracle’s: if they don’t adapt, they will be reduced to becoming niche, high-end data specialists. Who needs a gold pan, especially one made of real gold, when you have to find four nuggets of gold in an Everest of rock and dirt”.
Being able to find the right BI tool, filter an over-crowded data universe and locate this little “je ne sais quoi” has become a matter of business survival! This tiny gold nugget of data will hopefully be transformed into an invaluable marketing strategy or product novelty, which in turn could change our ever growing business acumen for the better but unfortunately also for the worst!
Which BI tools are you using or considering acquiring for your company or clients? What is your decision making process? How do you pick up a vendor?