Innovation in analytics and business intelligence (BI) is a must-have for companies trying to ensure a successful future in the digital age. For companies looking to innovate and keep pace with the ever-evolving field of analytics, understanding the trends that will have the biggest impact is critical. That’s why TIBCO and Shawn Rogers conducted a global survey on the subject.
Rogers, senior director of analytics strategy at TIBCO and an internationally recognized thought leader, speaker, and author in the analytics space wanted to better understand and explore the strategies and challenges companies face when trying to push innovation forward in their analytics programs. Based on responses from over 600 CXOs, SVP/VPs, managers, and directors, Rogers found some interesting learnings that can help other organizations be more innovative with their own analytics programs. We share a few of them below.
Top Technologies Innovative Companies are Using
The types of technologies that companies are using, according to the survey results detailed in the graph below, largely depend on where they are in their journey to digitally transform their business and processes for the modern world.
But what does that mean for your company?
It means that as you move along in your journey, you will need to implement new technologies that will give you the innovative edge you are looking for.
So it’s time to ask yourself: Where does your company stand? Are you a digital expert, digital conservative, experimenter, or at the beginning stage of your analytics journey? Wherever you are now, the results of the survey indicate that your company should be prepared to shift focus and move toward more disruptive technologies as you progress through the different stages of digital transformation. Cloud Technologies, Business Intelligence, and Analytics along with Application and Data Integration are foundational technologies to your journey.
Top BI & Analytics Use-Cases
While Rogers expected to see a few prominent use cases rise to the top of the list, that was not the case. Instead, the survey showed an almost equal distribution among use cases that innovative companies have found for BI and analytics, as you can see in the chart below.
Probably due to the current pervasiveness of BI and analytics, the use cases varied widely and yet were all critical to digital transformation, decision-making, and innovation. Despite the wide variety of use cases, BI and analytics have definitely found a home inside companies across different domains, allowing them to use more of their data in meaningful ways.
Could any of these use cases help your company to push forward in its innovation journey?
Innovation in Analytics – Trends to watch through 2020
In addition to top use cases and technologies, the survey surfaced some strong themes, indicating trends that will be important for the upcoming years.
Here are the top four trends that emerged:
- Smarter Analytics: solutions today need to be infused with artificial intelligence (AI), machine learning (ML), and Natural Language querying for better decision making
- Data Wrangling: organizations need the power to wrangle, tweak, or move data even at the final stages of finishing a project to keep things moving forward
- Collaboration: growing analytics teams are widening to include non-experts and encouraging and enabling diversity of insight on projects is increasingly important
- Outcome focus: operationalizing analytics, pushing it out into the field for use, managing it, and governing it, is vital to any successful AI or ML initiative
Advice for Taking Advantage of These Innovations
Rogers has five tips for companies that want to take advantage of these innovations, but you’ll need to tune in to the on-demand webinar to hear those.
Don’t hesitate to take advantage of these opportunities to transform your business for the digital age. Learn more about how companies are innovating in analytics and business intelligence and understand how you can do the same with TIBCO® Data Science.