![\"lake-wobegon-banner\"](\"https:\/\/i0.wp.com\/timoelliott.com\/blog\/wp-content\/uploads\/2011\/12\/lake-wobegon-banner.jpg?resize=690%2C310&ssl=1\" "\\"lake-wobegon-banner\\"")
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Here\u2019s a chart from a recent study by the Economist Intelligence Unit called \u201cBig data: Harnessing a game-changing asset<\/a>\u201d, showing that only 9% of respondents believe that they use data worse than their competitors.<\/p>\n Let\u2019s face it, they\u2019re probably in denial. It\u2019s often called \u201cIllusory Superiority<\/a>\u201d or the \u201cLake Wobegon Effect<\/a>\u201d (a radio show where \u201call the children are above average\u201d), and it\u2019s a real force in the analytics market.<\/p>\n Because better data is often considered a \u201cnice to have\u201d, or \u201cimportant but not urgent\u201d, companies often only invest in better business intelligence when confronted with evidence that their competitors have the edge (this applies to BI vendors, too: long-clamored-for features mysteriously get prioritized the instant another vendor provides it).<\/p>\n This chart shows that companies are probably underestimating their competitors ability to use data \u2013 and therefore that they should probably be investing more in business intelligence\u2026<\/p>\n","protected":false},"excerpt":{"rendered":" A study by the Economist Intelligence Unit shows the vast majority of organizations believe they use data better than their competitors…<\/p>\n","protected":false},"author":2,"featured_media":3562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[100,160,198,276,278,419,427,1038],"class_list":["post-12227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-practice","tag-analytics","tag-bi","tag-business-analytics","tag-competition","tag-competitors","tag-economist-intelligence-unit","tag-eiu","tag-survey"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/timoelliott.com\/blog\/wp-content\/uploads\/2011\/12\/lake-wobegon-banner.jpg?fit=690%2C310&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3X9RF-3bd","_links":{"self":[{"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/posts\/12227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/comments?post=12227"}],"version-history":[{"count":0,"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/posts\/12227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/media\/3562"}],"wp:attachment":[{"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/media?parent=12227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/categories?post=12227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timoelliott.com\/blog\/wp-json\/wp\/v2\/tags?post=12227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Economist](\"https:\/\/i0.wp.com\/timoelliott.com\/blog\/wp-content\/uploads\/2011\/12\/Economist-Intelligence-Unit-data-compared-to-competitors.png?resize=657%2C401&ssl=1\" "\\"Economist")
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