The document discusses how traditional analytics approaches are no longer sufficient due to new data sources like machine data that are unstructured and from external sources. It introduces Splunk as a platform that can collect, index, and analyze massive amounts of machine data in real-time to provide operational intelligence and business insights. Splunk uses late binding schema to allow ad-hoc queries over heterogeneous machine data without needing to design schemas upfront. It can complement traditional BI tools by focusing on real-time analytics over machine data while traditional tools focus on structured data.