By tobyehatch on Jan 31, 2014
Business intelligence is no longer a luxury; it’s a crucial component of business today. But what’s changed so much that we need to modernize now? Nigel Youell, Senior Product Marketing Director for Oracle Performance Management Applications, interviewed Barry Mostert, a Director in the Global Business Analytics Product Group for Oracle, about Business Intelligence modernization, what it’s all about, and why it needs to be addressed now.
Nigel got right to the heart of the interview by asking Barry why there was even a need to modernize BI, and what exactly that means. Barry told our listeners that Business Intelligence is continually evolving and, like any technology, it’s driven by current industry trends. Organizations are now looking to analyze valuable information sourced across vast stores of distributed and varying data types – commonly called Big Data – to extract important business information to be competitive, and to keep costs low. Using mobile analytics (consuming analytics on mobile personal smart devices) is gaining more and more momentum as our culture begins to see these personal smart devices as part of our everyday lives.
Barry told our listeners that a recent study demonstrated that about 80% of business users are already using their smart devices for work. The dropping price of random access memory (RAM) chip has widely enabled the use of in-memory analytics. There is also a strong push for user self-service that Gartner is calling the “consumerisation of IT,” which means users can’t wait for legacy tools and traditional processes to deliver their information. Users need to be empowered to take action for themselves. This includes the use of predictive analytics (using historic information to help foretell the future) to enable business people to make the best decisions possible. Just like in life, it’s a case of learning from your past to do better in your future.
In fact, every business is already affected or will be affected shortly by these trends - hence the need to move to a modern analytic platform that is capable of addressing these new data types and analytic methods. In fact, most older BI platforms were built and implemented before these trends even existed.
Nigel recapped Barry’s full explanation for the listeners this way. The benefits of modernizing your BI system are:
• High performance analytics with no limits – more granular data for more accurate decisions without sacrificing performance
• Robust and reliable backend architecture – to ensure availability on what is a critical business system
• Employees that are empowered to quickly discover insight and then take action – and have less reliance on IT
• Business activity that matches the corporate strategy to maintain organizational focus and direction
• Improved user productivity and efficiency – enabling business users to work smarter
Nigel and Barry discussed the fact that modernizing a platform appears to be a big undertaking. Nigel asked Barry to break it down for the listeners and outline the main components of a modern BI platform.
Barry explained that it could be broken down to the 5 pillars of value, or potential gains where users stand to get significant and tangible benefits:
• Mobility. A hot new analytic trend affecting users at all levels in the modern enterprise. Oracle has made significant investments in this area.
• Advanced User Experience. How users interact with the analytic platform. New analytic techniques, not previously possible.
• The Connected Enterprise. Connecting business strategy with operational execution. Better navigate the business using all relevant data available and modeling the future to reduce risk.
• Engineered Systems. Promise of hardware and software working better together. Blinding fast performance with in-memory analytics and scalability without the bottlenecks.
• Ironclad Architecture. A reliable, robust backend to support business critical systems, while reducing Total Cost of Ownership. Components are completely integrated allowing administrators to do more in less time.
As always, it’s the bottom line of moving to a Modern BI System that will excite executives to pursue the move. Barry explained to our listeners that it’s all about being able to do more with less. Empowering business users to satisfy their own analytic needs will lead to a more agile business. At the same time, this ability will free up IT resources. By optimizing and simplifying your business analytic platform, not only do you gain better Total Cost of Ownership, but you can begin to innovate. Innovation leads to doing business in new and better ways than your competition; being more competitive in this economy ultimately leads to a more successful business; and successful businesses are generally better off financially.
To listen to the entire podcast click here
To learn more about Business Intelligence at Oracle, click here