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IT must lay foundations for business intelligence and analytics

News | Analytics | Current economic climate | Business intelligence

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The popularity of analytics

IT companies have seen a wide number of new technologies emerge in the last ten years.

Thanks to the imagination and innovative nature of developers, the opportunities brought by the internet have maximised in recent years, with services such as business intelligence and analytics now playing a greater role in the operations of companies.

In particular, analytics allows organisations to find out more about their audience, which can potentially boost their customer services and even increase their profits.

For these reasons, the technology is much sought-after by companies, especially in the current economic climate where all businesses are at threat if they do not adopt efficient and cost-effective approaches.

Analytics also gives organisations the chance to measure risk quantitatively and uncover factors that are vital to managing and reducing risk, while it will also increase speed and decrease delays.

What recruiters should look for

Due to data analytics’ rise to prominence in recent years, more companies are now looking to recruit individuals with knowledge in the field.

However, the technology is in a constant state of evolution and is prone to change at any point, so bosses should look for individuals who have comprehensive knowledge of the sector.

By employing such experts, companies could lead the way when it comes to new data trends, ensuring they are never left behind their competition.

Gartner’s research

Gartner is one organisation that has investigated the effects that business intelligence (BI) and analytics can have on companies.

It outlined that IT needs to lay the foundations for a world where BI and analytics will help to reinvent business models. Analysts at the company believe that the influence of the technology will grow significantly in the coming years.

Although IT projects have been the primary focus of the technology, the Nexus of Forces, which Gartner uses to describe a host of digital technologies, will cause the effects of analytics to increase substantially.

The organisation has estimated that analytics will reach 50 per cent of potential users by 2014, with the figure expected to reach 50 per cent of users by 2014, before rising further to 75 per cent in 2020.

Dan Sommer, principal research analyst at Gartner, said: “We are rapidly heading towards a world of analytics everywhere. 

“Gartner predicts that analytics will reach 50 percent of potential users by 2014. By 2020, that figure will be 75 percent, and we will be in a world where systems of record, systems of differentiation and systems of innovation are enabling IT, business and individuals to analyze data in a much denser fashion than before. Post 2020 we’ll be heading toward 100 percent of potential users and into the realms of the Internet of Everything.”

What could stop more adoption of BI and analytics?

Gartner outlined three factors that could dissuade the sustained adoption of BI and analytics by users, which are ease of use, performance and relevance.

There is a vast array of technologies addressing these, including interactive virtualisation.

Commenting on the software, Mr Sommer explained: “These are tools with appealing user interfaces, where you can mash data up, often into memory.

“This segment grows three times faster than traditional BI front-ends, and is expected to reach $1 billion (£657,000) in value by the end of next year. The vendors that dominate this segment are newer vendors, such as QlikTech, Spotfire and Tableau.”

He emphasised, however, that MicroStrategy, IBM, Microsoft and SAS have all launched products in the last year to propel the segment into a “more competitive phase”, guaranteeing that data discovery has arrived as a mainstream architecture.

 


Posted by Jon Aspinell on 29th June 2013

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