Self-service BI is a hot topic as the year is coming to an end. It is a major trend that will continue in 2017. Some CIOs think it is a scary scenario, while other CIOs fully embrace it. Why do we see such duality? It can be attributed to two main models in Business Intelligence: federated and centralized.
This year’s Intel Capital Global Summit was a great success. Inspirational industry thought leaders gathered together to talk about their businesses, future technologies, and innovation. Eynav Azarya, CEO of Panorama Software, said it was a pleasure to be there. He mainly talked about data insights.
Federated BI failed. It forced users to work in silos and created a data mess. And now, Centralized BI is rising. Most organizations are moving to a centralized model of Business Intelligence.You might be wondering why is federated so messy and why is centralized so good? Check out this clear infographic about the differences between the two biggest models of BI.
After the fall of federated BI, we see that centralized BI is stealing the show. And with good reason. Centralized BI, if deployed correctly, can solve the problems caused by federated BI. A centralized BI solution ensures data accuracy and only one version of the truth. It also ensures data security and can save organizations a lot of resources.
That being said, everyone is wondering what will be the roles of IT and business in centralized BI. When self-service analytics came into the picture, it made IT fear for their jobs. But centralized BI is way more than self-service analytics, it is inclusive and there are defined roles for both IT and business folks. There’s room for all. So will IT and business be friends or foes?
There is a clear trend happening: The death of federated BI. This model of Business Intelligence is failing because allowing individual departments to have their own IT systems and services is creating silos. Organizations cannot meet their goals and objectives through silos.
Centralized BI is saying “Hasta la vista baby!” to federated BI because when done correctly, it can simplify administrative tasks, improve data security, make data management and sharing a lot easier, and save the company a lot of money. There is a growing sense of urgency to abandon federated BI and deploy centralized BI.
The use of smart data analytics and Business Intelligence is becoming the norm. The healthcare industry is not behind in this trend. 57% of healthcare organizations have implemented patient data analytics to improve patient care and outcomes. And 46% of organizations have implemented analytics of their organizational data to improve their everyday performance.
With the exponential growth of data, there is a new concern in the data analytics and Business Intelligence world: how to achieve the best data visualization. We need to present data in a way that can communicate insights to decision-makers and benefit any employee. The trend is to create more digestible and user-friendly dashboards and reports.
Data analytics in the retail industry is not something new. Retailers have been tapping into data for years now, gaining what is called consumer or shopper insights to improve their performance. They have access to loads of data that comes from multiple data sources: purchase transactions, CRM data, customer loyalty programs, etc.
Now, in the age of the consumer, achieving customer satisfaction and engagement is more challenging than ever. This is an era where consumers are super informed. They want to know everything, and in real-time. They expect companies to provide solutions immediately. That’s why smart data discovery and BI tools are being used by retailers to get a much better understanding of customer behavior and preferences. In this new consumer era, smart data analytics is no longer a plus, it’s a must-have.
To justify why it’s a must-have, we’ve put together a list of 10 very cool things retailers can do with BI. Continue reading
We generate around 7 and a half sextillion gigabytes of data worldwide every day. The amount of data we generate is growing exponentially. We know that 90% of the world’s data was created only in the last 2 years. And the Internet of Things is already a reality, and one that grows at unprecedented pace. Around 30 billion objects are expected to be connected to the IOT by 2020. Everything will be connected, from sensors in soil and oceans, to street lamps, to wearables, cars, and even dog collars. This means that the billions of sensors in devices will be generating tons of data. If this data is processed and analyzed correctly, the possibilities for finding insights are endless.
We live in times of immediacy. There is so much information available that we can know things almost instantly. We are getting spoiled, as our grandmothers would say (we don’t even have to remember phone numbers anymore because our smartphones do it for us). They are right, technological advances have simplified our lives, making us more practical, more “spoiled”. Since this is our reality, we expect to have things ready and NOW.