By Jodie Reed, Strategic Solutions Executive
Necessity has enabled unprecedented changes in how we work, live, and buy. The change has forced most enterprises to respond in new ways, reimagine customer engagement, optimize resources, rethink processes, products, business models and even how they work.
One major shift is that to digital, which increases the amount of data and making that data more accessible. The goal, of course, is that the resulting data analytics delivers a level of insight into the customer experience that the enterprise has never had. Most enterprises have an enormous amount of customer data coming in from numerous areas and parts of the business. The challenge is to break down silos and democratize the data to enable business groups to act on insights from their area of focus.
According to Gartner, by 2023, 60% of organizations will compose components from three or more analytics solutions to build decision-oriented applications infused with analytics that connect insights to actions. This will drive an improvement of analytics capabilities, allowing organizations to create advanced analytics capabilities by composing the best capabilities from different vendors together, rather than using them separately on different platforms. It will also shift the burden of development away from IT and enable less skilled business users with low- or no- code capabilities to compose more advanced analytics capabilities. Lastly, the democratization of analytics capabilities by leveraging cloud-based marketplaces as an effective channel for organizations to distribute, share and find analytics and required components to add value to their applications.
Leveraging cloud data platforms enables the creation of reports and dynamic dashboards which drives efficiency and eliminates ad hoc requests. Business groups can customize dashboards which drive decision making to best support their requirements. Visibility into the business groups can also be delivered to leadership for a more holistic view of the enterprise and enable decision making. Simultaneously, costs are reduced, and productivity is improved.