Analytics Inspiration Corner: "Information is the oil of the 21st century, and analytics is the combustion engine." - Peter Sondergaard
To round off week #3 of inspiring Analytics quotes, I present to you one of the most important of them all: “Information is the oil of the 21st century and analytics is the combustion engine” by Peter Sondergaard. Here, the emphasis isn’t just on the importance of data, as indicated in this quote by the “information” reference, but also on what you do with it. In Mr. Sondergaard’s now famous quote, it is imperative that as we become more evolutionary in how we collect, refine, standardize, analyze, and even present information; that we also realize how the value of such a process is created.
Looking back even a decade ago, there was a significant less amount of information being collected, stored, and being used strategically. Subsequently, the industries that utilized information the most were not nearly as advanced in the methods used to harness the power of the data that they had access to.
We have come a long way since then. Major national and even global industrial leaders are not only collecting a vast amount of ever-increasing data (in terms of scope and complexity); but also evolving their analytic processes to create as much value for their organizations as possible.
In many ways, information - which could be defined as the effective summation of data - has become so important in this century that it is considered as almost every stage of the major decision process for many major companies. Information has become the fuel which drives many corporations forward in a positive way, whether that be in terms of strategy, process, or even production optimization.
One of the many factors that can be attributed to the increased usage of information to drive companies and industries, as a whole, forward is simple: when using data – or better put the effective summation of data – what was unknown in the past is now known. Simply put, with more access to vital information, we have the capacity to make decisions based on many more variables which might tremendously alter the success rate of specific projects or decisions that are made.
So, as members of The Chicago Analytics Group, what can we learn from Peter Sondergaard's famous quote?
We can learn that when we track the performance of such projects and decisions back to the key variables we evaluated them on, we can develop a running history of what worked, what didn’t work, and figure out solutions to strive towards optimization for future projects and decisions.
This has fundamentally lead to the exponential increase in data and analytics needs in the past decade.
Essentially where there is opportunity for growth, there will be a subsequent need to utilize that growth for prosperity.
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Have a great day,
Founder, The Chicago Analytics Group