Last week, our partner Keyrus UK hosted their annual Driven by Data Summit. This year’s theme was Harnessing Disruption in the 4th Industrial Revolution. One of the main topics discussed were the increasing rate of change and disruption in business nowadays. Another key topic was how data analysis supports disruption in business. According to Keyrus, businesses need to embrace and harness disruption to create new revenue streams and opportunities. The first steps towards achieving this are effectively storing data, becoming data driven with BI, expanding the types of data stores, expanding into analytics, and increasing the amount of data users.
Eynav Azarya, Panorama’s CEO, was one of the main speakers at the summit. He is an innovator and thought leader in the Data Discovery and BI markets. Eynav presented to a wonderful crowd. His presentation at the summit was called “Data > Life?”.
He started by talking about the data explosion. 90% of the world’s data was created in the last two years. This means that data the amount of data available is growing exponentially. We generate 2.5 quintillion bytes of data every day. And now that the Internet of Things is a reality, we can expect data to become the center of our lives. There are sensors everywhere generating data, from sensors in the oceans to sensors on our wearables.
The truth is, data is already a central part of our lives. We are data, we are driven by our curiosity and our desire to know. The technological advancements allow us to have instant access to data, to information, and knowledge. Back in the day, people made decisions based on gut feeling—not saying there’s anything wrong with following your instinct. But now, we can make decisions based on information. We have the ability to access data and analyze it to guide our business decisions. But since the amount of data generated is overflowing the capacity of most solutions that analyze it, we have to move to “state of the art” BI tools. The future of this solutions is that they should be managed by IT but available for use by all business users. And most importantly, this is the era of insights. Organizations need to become insights-driven. They need to focus on automated business insights and not on manual discovery.
We have to make a switch. We need to stop using brute force, old tools, and manual discovery of data. We need to start using our brains, prioritize work, negotiate and debate, and to validate insights. Data, when being used properly, makes our lives better. Life > Data (!)