Changes must impact the development of solutions
Data is vital for emerging digital businesses. According to Gartner, the key to this information is to direct it towards the creation of opportunities that add real value to the business based on the possibility of generating insights and innovation. This issue was the central theme of the Gartner Business Intelligence, Analytics & Information Management Conference, which took place in São Paulo on May 10th and 11th. João Tapadinhas, research director at Gartner, and Donald Feinberg, vice president and analyst emeritus at Gartner, said that it is important for managers to think about how data is currently used in companies and be willing to implement a modern BI architecture.
The transformations must represent significant changes in platforms and management, giving more autonomy to internal users, providing more agility to processes and positioning the IT sector as a facilitator of analyzes and exercising the role of governance. In this process, it is important to overcome conservative management, which leaves organizations tied to static reports and always looking at the same aspects of the market, represented in the dashboards🇧🇷 “Users must gain more freedom and access to data and BI tools in order to generate knowledge and insights more frequently,” said Tapadinhas. The more traditional solutions used in the areas of Business Intelligence, Analytics & Information Management remain, however, software developers must also turn to the use of learning algorithms and to a future generation of solutions.
To understand what all this means, Donald Feinberg and João Tapadinhas highlighted three important areas:
Trust – Data must be trusted
Gartner predicts that by 2019 75% of Analytics solutions will incorporate 10 or more data sources from secondary partners or third-party providers. "With the number of external data being used, can it be determined whether the external data is really correct and complete?" asks Tapadinhas. "We can't. We just have to decide how much we trust the data and learn to believe and verify."
Gartner analysts recommend three different measures to help establish confidence levels:
1) Is the data source reliable?
2) Measurement by triangulation – Are there more sources that point in the same direction? Can data sources be combined to get a complete picture?
3) Did other people receive value from the data?
"Using these three approaches – considering source reliability, triangulation and taking into account the assessments of others – we will have the ability to trust data in the digital world," says Feinberg. "In the end, there's no point for analytics and no data governance issues if there are no business outcomes. Internal business outcomes can be great, but the real value depends on the impact on customers and the business."
“Successfully used data and analytics will unleash an unprecedented level of empowerment through technical insights from analytics and business information, including how to improve it. This will lead to an enormous demand for reliable information", says Tapadinhas. "The representation of information and the calculation of performance measures can only be carried out through a culture centered on information, based on a solid base of reliable data".
Business Results – How to help create the best possible business outcomes
Redeeming business value is a relatively new but exciting opportunity for most analytics professionals. Data and analytics leaders seizing this opportunity recognize that the business results are not in the creation of reports and dashboards. The best business results prove that there is high quality data that can be shared and used internally by organizations, and externally with partners and customers to help them improve their business results.
"Analytics leaders of the future will make sure they have a clear mandate – the business value," says Feinberg. "In the coming years, analytics-driven business value will be ready to explode through the use of new analytics tools."
Competitive Realm – How the World of Distribution Affects the Data and Analytics Competitive Realm
On the demand side, data and analytics are allowing organizations to look at a whole new level of detail about customers and businesses – this is a complete organizational disruption. Some will know what they are doing, some will not. “There will be privacy and security issues. There will be the same algorithmic regulations coming from governments all over the world, forcing transparency”, says Tapadinhas.
"Once these new markets are established, moderation forces will try new censorship mechanisms. Therefore, modern analytics platforms will need to offer control mechanisms, have improved security and establish new metrics of success."
The transformations must represent significant changes in platforms and management, giving more autonomy to internal users, providing more agility to processes and positioning the IT sector as a facilitator of analyzes and exercising the role of governance. In this process, it is important to overcome conservative management, which leaves organizations tied to static reports and always looking at the same aspects of the market, represented in the dashboards🇧🇷 “Users must gain more freedom and access to data and BI tools in order to generate knowledge and insights more frequently,” said Tapadinhas. The more traditional solutions used in the areas of Business Intelligence, Analytics & Information Management remain, however, software developers must also turn to the use of learning algorithms and to a future generation of solutions.
To understand what all this means, Donald Feinberg and João Tapadinhas highlighted three important areas:
Trust – Data must be trusted
Gartner predicts that by 2019 75% of Analytics solutions will incorporate 10 or more data sources from secondary partners or third-party providers. "With the number of external data being used, can it be determined whether the external data is really correct and complete?" asks Tapadinhas. "We can't. We just have to decide how much we trust the data and learn to believe and verify."
Gartner analysts recommend three different measures to help establish confidence levels:
1) Is the data source reliable?
2) Measurement by triangulation – Are there more sources that point in the same direction? Can data sources be combined to get a complete picture?
3) Did other people receive value from the data?
"Using these three approaches – considering source reliability, triangulation and taking into account the assessments of others – we will have the ability to trust data in the digital world," says Feinberg. "In the end, there's no point for analytics and no data governance issues if there are no business outcomes. Internal business outcomes can be great, but the real value depends on the impact on customers and the business."
“Successfully used data and analytics will unleash an unprecedented level of empowerment through technical insights from analytics and business information, including how to improve it. This will lead to an enormous demand for reliable information", says Tapadinhas. "The representation of information and the calculation of performance measures can only be carried out through a culture centered on information, based on a solid base of reliable data".
Business Results – How to help create the best possible business outcomes
Redeeming business value is a relatively new but exciting opportunity for most analytics professionals. Data and analytics leaders seizing this opportunity recognize that the business results are not in the creation of reports and dashboards. The best business results prove that there is high quality data that can be shared and used internally by organizations, and externally with partners and customers to help them improve their business results.
"Analytics leaders of the future will make sure they have a clear mandate – the business value," says Feinberg. "In the coming years, analytics-driven business value will be ready to explode through the use of new analytics tools."
Competitive Realm – How the World of Distribution Affects the Data and Analytics Competitive Realm
On the demand side, data and analytics are allowing organizations to look at a whole new level of detail about customers and businesses – this is a complete organizational disruption. Some will know what they are doing, some will not. “There will be privacy and security issues. There will be the same algorithmic regulations coming from governments all over the world, forcing transparency”, says Tapadinhas.
"Once these new markets are established, moderation forces will try new censorship mechanisms. Therefore, modern analytics platforms will need to offer control mechanisms, have improved security and establish new metrics of success."
On the supply side, technology purchases by end-user companies are taking place across all industries. Gartner calls this "techquisitions" – the acquisition of digital and information technology companies by traditional companies that see the opportunity to become digital business leaders in their industries, not by licensing software, but by taking a stake in the company.
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