Is data the new oil of the 21st century?
Analysts from IDC, a leading research centre from the USA, argue that we are entering the era of the digital economy. As it turns out, they are not alone in their views. Economists also share their opinion. So how can data be used to ensure companies’ stable growth?
From data to valuable business information
The vice-president of Gartner’s operations committee said that information is the oil of the 21st century, and analytics is the internal combustion engine. British journalist David McCandless, on the other hand, went a step further in his assessment. He concluded that “Data is the new oil? No. Data is the new earth’. They were both referring to the words of a British architect and mathematician named Clive Humby. Here is what he said about data being the new oil:
“Data is the new oil. Like oil, data is valuable, but if unrefined, it cannot really be used. It has to be changed into gas, plastic, chemicals, etc. to create a valuable entity that drives profitable activity. So, must data be broken down, analysed for it to have value.”
How can this be done?
Microsoft Power BI – practical data analysis
Advanced business analytics is a broad category of queries. They can be used to drive both change and improvement in business practices. By using Business Intelligence (BI)-based systems to analyse data, we gain the ability to get a better look at historical data and forecast future events. This gives you the option to conduct predictive analysis to discover the impact of potential changes in business strategies.
Microsoft Power BI improves data analysis by allowing you to:
– Comparing data from different sources
ERP systems, finance and accounting systems, Excel spreadsheets, email marketing systems, social media, streaming data, cloud services and more.
– Collate business data 24/7 in a single panel
Power BI provides access to all your business data from a single dashboard on both PC and mobile devices.
– Create interactive reports
Create clear reports with engaging visuals in a short period and make them instantly available to the entire company.
– Provide consistent analysis
Power BI is an analytics toolkit for every department of an organisation that provides a 360-degree view for business users. Clear data visualisation makes analysis easy.
Suppose you want to correctly turn data into valuable business information that will become the new oil of the 21st century. In that case, you should consider implementing Microsoft Power BI in your company. Write to us today – we will help you choose the optimal solution for your company!