Data-driven businesses arefive times more likely to make faster decisionsthan their market peers, and twice as likely to land in the top quartile of financial performance within their industries. Business Intelligence, previously known as data mining combined with analytical processing and reporting, is changing how organizations move forward.
Since decisions based on evidence are entirely more reliable than decisions based on instinct, assumptions or perceptions, it’s become clear that success is now cultivated from analyzing relevant data and letting the conclusions of that data drive the direction of the company.
Although it’s become crystal clear thatdata-driven strategyis the way to go, up until recently, access to sophisticated Business Intelligence tools has been restricted to large enterprises and enterprise-level solutions. Only the industry giants have benefitted from sophisticated analytics due to the considerable investment required not only to collect the data, but also to maintain an in-house data scientist to translate it into usable information.
But 2017 is the year of change.
SMBs are desperate to take advantage of the same analytics as the big players, and are therefore demanding an alternative – self-sufficient Business Intelligence tools. More than half of business users and analysts areprojected to have access to self-service Business Intelligencetools this year. According to Gartner’s Research Vice President Rita Sallam,BI is rapidly transitioningfrom “IT-led, system-of-record reporting to pervasive, business-led, self-service analytics.”
Thanks to more intuitive interfaces, increasingly intelligent data preparation tools, improved integrations and a distinctly lower price tag, 2017 is the year SMBs become empowered to become their own data scientists. Here’s what to expect this year:
The good news for SMBs is that complex data analytics is becoming more cost effective, and as a result, considerably more accessible. In 2017, we expect to see the trend continue to grow asmore players enter the market. The wave of new, self-service BI tools allows SMBs to gather, analyze and interpret data, draw detailed analytics and discern trends, filter useful information from the raw data and automate data mining for quicker turnaround.
BI innovations are becoming more widely available through a variety of integrations into messaging services and IoT.Sisense, for example, is rolling outvoice-activated BI interfacesfor Amazon Alexa, chatbots and connected lightbulbs. “Our entire focus is on simplifying complex data,” CEO Amir Orad comments.
Alexa handles the natural language processing of voice-to-text, and then “understands” the question it was asked.