Together with Microsoft Israel we hosted “The New World of BI” event in Tel Aviv, Israel. Our guest speaker was one the most prominent figures in the BI/data world: Boris Evelson, VP of Forrester Research and Principal Analyst. He gave an amazing presentation about where the future of BI is headed: Systems of Insight.
We are going to share with you a bit of what we learned from Boris. Today we know that BI is a priority for top players, 55% of organizations consider BI as critical or high priority to them. The numbers don’t lie, more than 40% of companies that invest in BI report double digit ROI on their investments within two years. But BI implementation today is not perfect.
There is a disconnection between Business and IT. In theory, IT people think that BI should be a single platform, streamlined data architecture, should have centralized support and have a single version of the truth. In reality, the business users have a different idea: they just want to get their job done, a single version of the truth is not their top priority, and good enough but timely data is good enough for them. This disconnection is preventing BI from reaching its full potential. In order to reach it, we need to be clear about who is the end user, and that is business.
We are in the age of the customer. Today customers are empowered. They make the decisions and they demand things to be done when and how they want them. So IT needs to become the support of business, letting business call the shots.
If we think about the earlier generation BI, it had less business agility and less data availability. And it evolved into two different paths. One is Agile BI, which is more business agile, but lacking in data availability. The other path is Smart Data, which has more data availability but is lacking in business agility. The future of BI is to upgrade into a System of Insight, which has more data availability and more business agility. The System of Insights combines the best of both worlds.
What key factors make a System of Insight?
- Contextual insights, embedded.
- Suggestive BI and cognitive computing.
- Actionable insights.
- Continuous feedback loop for learning and improvement.
The Systems of Insight’s goal is winning, serving and retaining customers. It is not only sponsored by CIO, but also by CMO, CFO, VP Sales, CRO, CSO. It includes everyone.
And like we mentioned, it connects IT and Business in the most appropriate and efficient way: business takes the wheel, and IT supports. This way the goal can be reached and the real business expectations met.
This was just a glimpse of everything that we learned from Boris Evelson’s talk. We recommend that you read his blog, as he is a though leader in the market and his vision is very accurate and knowledgeable. http://blogs.forrester.com/boris_evelson
And if you would like to watch a video of the presentation you can find it in Panorama’s Facebook page: https://www.facebook.com/PanoramaSw/