This post was written by Jen Underwood, Founder and Principal Consultant, Impact Analytix
In the digital era, data is evolving into the most sought-after resource on the planet. Every single day, 2.5 quintillion bytes of data are generated—most of which is not used.
Few organizations today maximize the economic benefits of data. Much like oil in the 18th century, data in the 21st century is a raw, untapped, invaluable asset waiting to be mined.
Turning Data Into Dollars
Artificial intelligence, automation, and data monetization will further increase the value of data. The ability to refine, process, and transform that data into intelligence is crucial to every type of business. Thus, we are just beginning to witness the exploitation of data for significant competitive advantage in the digital age.
Timely analytical insights empower decision makers to optimize outcomes. Numerous studies have proven data-driven companies outperform competitors. McKinsey found a 1 percent improvement in pricing provided returns up to 8.7 percent in operating profits. What could a 1 percent improvement mean to you?
To support data-driven organizations, software applications must deliver analytical intelligence when and where it is needed. Application teams must synchronize and infuse analytics into day-to-day processes. Identify opportunities and determine how data can be used to reinvent models or boost operations. Transparently embed intelligence into line of business applications and across new digital channels to “close the loop” between analysis and action.
Unfortunately, most companies are still struggling with basics. They have no idea where to start or how to turn data into dollars. Empowering the masses with information while protecting data residing everywhere and complying with changing regulations has become complex.
Selecting the Right BI Platform for the Future
Savvy industry leaders are now on the hunt for modern, forward-thinking BI platforms. Sifting through hundreds of potential BI platform options—from free open-source solutions to cloud BI, traditional legacy BI, data discovery applications, and purpose-built embedded analytics—has become overwhelming.
To expedite the BI platform selection process, Logi Analytics has carefully crafted a detailed Business Intelligence Buyer’s Guide. This Buyer’s Guide helps organizations understand which platform types are available, clarifies questions to ask, establishes evaluation criteria, and provides suggested steps to take.
As you begin reviewing analytics solutions, keep in mind which BI capabilities are critical for the digital era. These include rich embedding of self-service analysis, write-back features for updating information as it’s needed, strong workflow integration, collaboration, and mobile support. For successful embedded analytics, multi-tenancy, white-labeling, and robust data security are also essential.
No one wants to waste time or money embedding the wrong solution. To avoid making a mistake, don’t get caught up in feature bake-offs or be fooled by the allure of cheap BI platforms that are known to be expensive to maintain. Lastly, try not to get distracted by dazzling features that simply don’t deliver on key requirements. Refer to the Logi Analytics BI Buyer’s Guide as a compass guiding you throughout your journey to select the best analytics platform. In addition, this article on the difference between BI and analytics may help you find the right tool for you.