Analysts and researchers often seek validation of directional trends with a minimum of 3 data points. It’s the magic number, and the basis for establishing the beginning of a “pattern.” Throughout the many inspiring sessions at TIBCO NOW Chicago from speaker anecdotes to customer stories to top industry analysts’ perspectives, the following patterns echoed persistently (more than just 3 times) as developing industry trends:
5 Emerging Analytics Trends:
- Focus on Decisions: The key to overcoming “analysis paralysis” is to focus on decisions. Organizations that apply analytics to strategic business goals and are clearly aligned with business outcomes are more likely to be successful in their analytics initiatives. By focusing on specific, well-defined business goals, organizations are not just doing “analytics for analytics sake” but instead are working toward a set purpose. For digital transformation, industry analysts at TIBCO NOW explained organizations must become “decision-first,” identifying key decisions to build automation around, and stop investing in wasteful analytics that don’t lead to actions.
Tweet during TIBCO NOW Chicago breakout session by Forrester industry analysts, John Rymer and Mike Gualtieri
2. Make Analytics Actionable: Analytics is meaningless if the insights uncovered are not actionable. Today, everyone has access to an increasing amount of data, but the organizations that are turning that data into a competitive advantage are operationalizing that data. It’s critical that you optimize your people, processes, and technology to transform your analytics investments into real business value.
3. Analytics for Everyone, Insights Everywhere: To promote a data-driven culture across the entire organization, many businesses are focused on finding better ways to disseminate information and share collective knowledge and insights across various business units. Through data visualization and other vehicles for socializing knowledge, companies with mature data cultures today are better prepared to digitally transform and maintain a competitive advantage. TIBCO Spotfire enables Augmented Analytics for everyone, providing enterprises with a platform for guided insight discovery and self-service for business users and data scientists alike. Read this blog to see why TIBCO Spotfire® was rated #1 for self-service analytics.
Crowd at TIBCO NOW Chicago demo excited to learn how to visualize with TIBCO Spotfire
4. Steaming Business Intelligence: Today, analytics isn’t just adding value to historical analysis, but also to real-time decisions. By leveraging real-time data streaming along with visual analytics, many TIBCO customers are able to “see the now” and adapt their strategies accordingly. Streaming Business Intelligence with Spotfire® delivers fresh insights on the fly so organizations can gain a clear, comprehensive understanding of both real-time and historical trends.
Customer quote at Spotfire® Tips and Tricks Panel during TIBCO NOW Chicago
5. From Descriptive to Predictive: The blend of data science and machine learning along with streaming data is offering customers a path to more mature, advanced analytics capabilities. Instead of just being able to perform descriptive and diagnostic analytics on what happened, organizations are now able to practice prescriptive analytics on what’s happening in real time and get recommendations on how to react. In fact, one customer at TIBCO NOW commented on how prescriptive analytics helped them to answer, “What’s happening now and what should I do?” These recommendations are made possible by embedding AI within analytics applications and automation.
Is your organization on top of these trends?
Make sure you’re setting your analytics investments up for success. Accelerate innovation and achieve a competitive advantage with TIBCO Spotfire®. Spotfire® is the most complete analytics solution on the market with numerous capabilities at scale, including visual analytics, data wrangling, predictive analytics, location analytics, and streaming analytics.
Join us for the final stop of the 2019 TIBCO NOW Global Tour in London September 25-26 to discover more ways to fuel innovation through digital transformation.