In a wide-ranging exclusive interview with Australian-based media outfit, iTWire, following his presentation at the first of Yellowfin’s Australian roadshow events in Melbourne, Yellowfin CEO, Glen Rabie, has refuted the idea that data is the new oil of the twenty-first century.
Rabie said that while access to data and data analysis will drive business ingenuity and innovation this century, data is in fact more like renewable energy.
“Unlike oil, it’s not finite, only increasing in worth and volume when shared pervasively,” said Rabie. “I think oil is something that is a resource that wars are fought over, versus data which is more like a renewable energy source such as sunshine, where you can share as much of it around and the more you share the more the business grows.”
While Rabie explained that “data and data analysis is only valuable if shared pervasively”, he emphasized that sharing needed to take place “in a controlled environment, so that end-users can trust that information.”
Rabie continued, stating that the trust issue means organizations need to simultaneously protect the validity of their data and data analysis, whilst sharing broadly throughout the organization, to improve cross-departmental decision-making.
“This requires Collaborative BI technology that can both facilitate widespread sharing of Business Intelligence content [the self-service information access demanded by end-users], as well as the governance and manageability required by enterprise IT,” said Rabie.