Change is only constant in the market dynamics. The contrivance of Modern BI and Analytics (MBA) platform is shifting the market towards Business-led, Agile analytics & self-service from IT-led & system-of-record reporting.
To remain competitive in the race, Businesses need to implement Modern BI and Analytics. A glance at the most valuable Brands by Forbes in 2017, five of the top six most valuable companies have either built their entire business model on data or are heavily investing in data.
- Apple (manufactures some of the most iconic products in the world)
- Google (a media company)
- Microsoft (a software giant)
- Facebook (social network platform)
- Amazon (is a retailer) also joined the top 10 in 2017, jumping to sixth place
“Global Market of business intelligence (BI) & Analytics software has been forecasted to grow to $18.3 billion in 2017 and $22.8 billion in 2020”. – Gartner, Inc.
Key Trends prevailing in the Modern BI and Analytics are:
Self – Service BI
Self- Service Business Intelligence allows users to generate custom reports and analytical queries without the help of the IT department, which will allow them to focus on other tasks at hand. This will allow users to access and work with data analytics without the help of the information technology department.
Embedded analytics is the use of reporting analytic capabilities in transactional business applications. These capabilities can reside outside the application, reusing the analytic infrastructure built by many enterprises, but must be easily accessible from inside the application, without forcing users to switch between systems. The integration of business intelligence (BI) platform with the application architecture will enable users to choose where in the business process, the analytics should be embedded.
Unlike other BI tools that enforce preconceived hierarchies and preconceived notions of how data should be related, the Guided Analytics app allows users to explore data from any angle, while guiding users to the answers they seek, providing a level of flexibility and control you won’t find with other data visualizations tools. This allows them to answer additional questions that arise and to see the whole story that lives within their data.
Whether you operate your business exclusively from in-house systems, or whether you are currently in a state of “transition to the cloud,” all modern applications require some degree of design, development, and customization. No longer running in silos, critical applications have to be interoperable, capable of exchanging information with other solutions, and flexible to meet changing business needs. As a result, true “Buy vs. Build” decisions are a matter of the past.
Integrated Platform for BI & Analytics
An integrated analytics platform is an integrated solution that brings together performance management, analytics, and business intelligence tools in a single package. It provides an end-to-end solution for delivering business intelligence from multiple fronts and gives the user a clear visual representation of data as well as providing services such as revenue calculation, forecasting, and developing marketing strategy models and algorithms all on the same system, allowing interoperability.
The General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union (EU). As per GDPR 100% compliance required on May 25, 2018, and fines of up to 2-4% of global revenue for non-compliance, the pressure is on to comply.
While data governance initiatives can be driven by a desire to improve data quality, they are often driven by C-Level leaders responding to external regulations. Examples of these regulations include Sarbanes-Oxley, Basel I, Basel II, HIPAA, GDPR, cGMP, and a number of data privacy regulations.
Author: Mohit Sharma, Manager – Digital Transformation Services