Modern Analytics Platform Part 1
Most businesses today are data driven, meaning they utilize data to help make informed business decisions.
Traditional analytical platforms of the past two decades have generally succeeded in providing users answers to questions of “What happened” and “Why?” by providing users comprehensive historical reporting and user-friendly ad-hoc analysis tools.
However, traditional analytical platforms struggle to handle the volume and variety of data that is present in the modern digital era and struggle to support real-time or near real-time data assets. They also can be rigid and inflexible, making it difficult to keep up with business demands and adapt to change quickly.
Without modernizing your analytics platform, you’re missing out on all the opportunities that your data has to offer, such as:
- Losing out on business insights leading to falling behind competitors
- Making ineffective business decisions based on out of date or inaccurate data.
- Not identifying trends in time to take advantage of them.
- Not correctly identifying and targeting your customers, meaning promotions and campaigns are ineffective.
Modernizing your analytics platform
A modern analytics platform is ideally, flexible, adaptable, and agile.
With this this type of platform in place, in addition to being able to answer “What happened?” and ”Why?”, modern analytical platforms can build on that foundation to provide answers to “What is happening?”, with the ability to obtain data in near-real-time, “What will happen?” through predictive analytics and “What can we do about it?” using prescriptive analytics. These are often referred to as Advanced Analytics and are achieved using machine learning.
Accompanying any technological shift is a change in tools, processes, and equally as important, people and behavior. Even with the most up to date technology and documented processes, users need to feel empowered to adopt modern BI solutions, as they are the ones who will drive insight-driven decision making. This shift requires support to users in a variety of areas such as shifting to self-service to provide a culture of ownership, end user training and building a community of engagement. Investing in people simplifies the shift from a traditional platform to a modern BI solution, preparing users from the beginning to get the most out of your new investment.
If you'd like to learn more how modernizing your analytics platform can help your organization, contact BizOne today to schedule a free consulation!