“The past of BI (Business Intelligence) was decision support system and its future is Intelligent Business,” said Donald Farmer, Principal, TreeHive Strategy at TimeXtender Data Discovery Hub launch event. He explained what is intelligence in this context. It translates to insight, foresight, adaptability and wisdom. He mentioned that every company is a data company. If they do not think like that then they are losing competitive advantage.
Romi Mahajan, CCO, TimeXtender said, “Data is the new commodity. Every organization will strive very soon to build secure, agile and automated data infrastructure.” He further stated that any organization in any industry will determine how successful they will be in next decade by how they frame the question of data. The five assumptions they will working around will be: 1. Data is a fundamental source of value. 2. In the current state data is far from perfect. 3. Organizations can make far more progress if they could contextualize the data. 4. Organizations do not have to invent or buy. The asset is what they have collected over years in existing data. 5. Today despite IT business singularity IT and business teams are often at loggerheads.
Shedding light on current predicaments, he said that data sources are increasing and changing. There is lot of challenge around siloed data. wherein one has to open 1,000 gates for thousand reports. Classic data warehouses is slow to respond to current business needs.