News and Views: Drive Smart Decisions with Cloud Analytics, Machine Learning and More
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Analytics Cloud
May 14, 2019
Upgrading Business Intelligence to Systems of Insight
Growing at an exponential rate, data continues to surge to unprecedented new levels. Every day, 2.5 quintillion bytes of new data are created. And more than 90 percent of the world’s data has been generated during the past three years. While business intelligence (BI) systems have been in existence for a while, the time has now come for organizations to overcome the shortfalls of legacy BI systems with more robust systems of insight.
Data is flooding in from various sources—mobile, computers, servers, wearables, and IoT devices—leading to a rise in unstructured data. Add to that the changing regulations, and most businesses are unable to process and analyze all the information that is available to them. As a result, they often make critical decisions relying only on subsets of data and miss out on potential growth opportunities.
The future of analytics is self-service access to intelligent insights. By leveraging embedded machine learning and integrating analytics, intelligent insights present the right information to the right people, at the right time, using a device of choice.
Existing BI systems need to go through a dramatic change to keep up with these changing requirements. Read this Forrester report, which recommends that application development and delivery (AD&D) professionals focus on empowering the end customer—the business user—and help enterprises become more insights-driven.
Earlier Generation BI Is No Longer Enough
BI systems have been going through an evolution, and Forrester estimates that older BI environments can process and analyze only 20 percent of all data available in an average enterprise. Modern SQL databases impose significant overhead, and they have not been able to keep up with shifting customer behavior and changing regulations that require a technology that works with unstructured data.
There are also limitations in the waterfall design, which ignores hidden patterns and insights. And finally, priorities for business users and technologists are not always aligned. So new BI solutions now focus on empowering business users, and big data permits organizations to get a complete 360-degree view of their customers.
Start a New Chapter, Focus on Customer Insights
Forrester suggests that AD&D professionals and business leaders focus on their end customer. This includes:
- Encouraging your business peers to own systems of insight and embed analytics in every business, revenue-generating department so that other C-levels such as the CMO, COO, and CFO own their system of insight, while the CIO and AD&D play a supporting role.
- Enabling an insights architecture. Instead of focusing on building reports, Forrester suggests that you empower business team members with self-service capabilities and manage your BI requirements while deriving the required insights and sharing expertise with the rest of the organization.
Click here to see Oracle’s position, and read the full report here.