Next-Generation of Business Intelligence: Trends and Opportunities
Business intelligence is an integral part of an organisation’s ‘scalable success’ in the current fast-changing economic landscape. When employees make critical decisions for a company, it must be backed by real-time data to reduce missteps and increase the chance of success in the future.
To clearly define business outcomes, organisations look to using business intelligence (BI) and analytics. According to an IDC data strategy survey, 52 per cent of software companies and 50 per cent of finance companies use BI to identify new revenue streams, this strategy is key to growing the business.
Defining BI in the ‘Age of Action’
BI uses software and services to transform data into insights for an organisation. BI comes in generations, with each generation progressively improving as a new generation emerges.
Currently, BI is about to enter its third generation or “gen three”. Prior to gen three, “gen one” BI, had on-premises data and heavy IT-driven reporting projects.
Meanwhile, gen two BI focused on making data more consumable, easy to use, and accessible by putting the power into the hands of the business.
Gen three BI ushers in the “Age of Action”, with a new, agile way of using AI and analytics for every decision. Commentators expect this generation to result in a revolution in how we drive business innovation.
In the Age of Action, insights arising from analytics and AI are no longer a luxury, but a necessity for achieving competitiveness, whether an employee or customer-facing apps and workflows.
What Opportunities Will BI Bring to Businesses?
Organisations who take advantage of gen three BI are able to identify risks and data, turning it into real time actionable insight.
According to the Sisense ANZ State of BI and Analytics 2020 report, companies across ANZ are now using their data for a range of new use cases as a result of COVID-19, with 47% using data to improve efficiency, 40% to identify new revenue streams, 29% to optimise supply chains and 29% to reduce expenses. These are the four fastest-growing use cases, and these use cases are expanding regardless of company size.
Recently, Sisense was named the leader in embedded BI by G2, a business solutions review website. Sisense received this ranking on the Report for Embedded BI and The Momentum Grid Report for Embedded BI based on positive reviews from verified users, as compared to similar products in the Embedded BI category.
This is the third consecutive time Sisense has earned the top ranking in The Momentum Grid Report for Embedded BI and the second time Sisense has earned top placement in the Report for Embedded BI.
DNV, through its Electric Grid Reliability and Performance product centre, embeds Sisense to provide a platform, “Cascade Insight,” for creating and deploying high-value analytics to utility companies.
“The experts at Sisense live and breathe data analytics — and the Sisense platform is designed from the ground up to connect with disparate datasets and infuse insight from those sources anywhere users need them,” says Ron Howard, Product Line Director at Electric Grid Product Center for DNV.
“Working with the Sisense team, we were able to nail down the data requirements needed to create high-level insights. Armed with this understanding, we developed the Cascade Insight platform in just six months, a rapid timeline for building an enterprise product from scratch.”
Tessitura Network, a non-profit software company, uses Sisense to empower users from more than 700 leading international arts organisations with data-driven insights embedded right into their unified enterprise CRM solution. Their embedded solution, Tessitura Analytics, offers pre built dashboards and data models that enable Tessitura users to build their own customised dashboards.
What had traditionally held businesses back
While implementing BI may seem straightforward on paper, there are a number of factors that have held businesses back from implementing BI.
According to the Harvard Business Review Analytic Services Pulse Survey for Sisense, there are three obstacles to achieving business value. These obstacles are lack of skills/training (61%), lack of quality data (43%), and company culture (24%).
Organisations try to upskill their employees with professional development days and courses, however, this is not reducing the learning curve for most users. Instead, brands should take advantage of the capabilities of AI which can then explain what is happening in the data.
This means all employees, regardless of how much data education they have, can make sense of and take action with intelligence-informed decisions in real-time. Moving forward, BI when leveraged in this way will open up exciting new opportunities for businesses to fast-track more accurate decision-making and increase agility at scale.
Sisense goes beyond traditional business intelligence by providing organizations with the ability to infuse analytics everywhere, embedded in both customer and employee applications and workflows. Sisense customers are breaking through the barriers of analytics adoption by going beyond the dashboard with Sisense Fusion – the highly customizable, AI-driven analytics cloud platform, that infuses intelligence at the right place and the right time, every time. More than 2,000 global companies such as GitLab, UiPath, Tinder, Nasdaq, GE, Rolls Royce and Philips Healthcare rely on Sisense to innovate, disrupt markets and drive meaningful change in the world. Ranked as the No. 1 Business Intelligence company in terms of customer success, Sisense has also been named one of the Forbes’ Cloud 100, The World’s Best Cloud Companies, five years in a row.