Inc. Magazine recently ran a cover story recognizing AirBnB as their 2014 Company of the year. Just days later, the New York Times reported that Uber’s latest funding round values the privately held organization at $40 billion. That’s all well and good if you need to rent a room or catch a ride, but what can your company learn from their success?
What both companies have in common is that they enable buyers and sellers to monetize assets previously inaccessible due to inefficiencies in the system. In the case of AirBnB and Uber, users gain access to underutilized real estate and car seats – the highest dollar assets for many individuals.
Gartner ranked Business Intelligence and Analytics #1 in their 2014 CIO priorities list, but Forrester Research estimates that companies are only analyzing 12% of the data they have, leaving 88% underutilized. A 2012 article in Harvard Business Review found that Data Driven Companies are 5% more productive and 6% more profitable. It appears that companies that are unlocking the value in their data are seeing real returns. In addition, new technologies in storage, data virtualization, and visualization mean the data driven enterprise is available to more users at more companies at a fraction of the investment required just a few years ago.
While Inc. can only give out one company of the year award, organizations across industries stand to unlock billions in insights through self-service business intelligence and data visualization from data that is currently too hard to access or act on.
How will your company leverage self-service BI to deliver customer value?