From Information to Insight
Today, unfortunately, most businesses struggle with even the most basic applications of information. Many companies still have difficulty getting timely, meaningful, and accurate views of their past results and activities, much less creating platforms for innovative and predictive transformation and differentiation.
While executives rely on inconsistent and incomplete information, they simultaneously struggle with the growing complexity and costs associated with large, disparate, and redundant information environments that have evolved over time. The inefficiencies and high costs associated with maintaining numerous, non-integrated information environments significantly hinder an organization's ability to meet strategic goals, anticipate and respond to changes in the global economy, and use information for sustained competitive advantage.
Our modern information environment is unlike any preceding it, and information is changing like never before:
- Volume. Information is growing exponentially. Each year, transistors are produced at a rate of one billion transistors for every individual on Earth.
- Velocity. The speed of information is increasing at unprecedented rates. Today, data flows around the world in seconds, resulting in a world of real-time decision-making.
- Variety. Data comes in wildly different formats, as evidenced by the many types of information readily available via the Internet and social media sites: photos, video, audio, and other content.
This combination of quantity, speed, and diversity provides tremendous opportunities, but also makes using information an increasingly complex task.
Other external business drivers also contribute to the demand for information. Globalization, business model innovation, competition, changing and emerging markets, and increasing customer demands add to the pressures on business decision-makers.