Organizations’ use of data and information is evolving as the amount of data and the frequency with which that data is collected increase. Data now streams into organizations from myriad sources, among them social media feeds and internet-of-things devices. These seemingly ever-increasing volumes of devices and data streams offer both challenges and opportunities to capture information about a business and improve its operations.
The emerging internet of things (IoT) is an extension of digital connectivity to devices and sensors in homes, businesses, vehicles and potentially almost anywhere. This innovation means that virtually any appropriately designed device can generate and transmit data about its operations, which can facilitate monitoring and a range of automatic functions. To do this IoT requires a set of event-centered information and analytic processes that enable people to use that event information to make optimal decisions and take act effectively.
Organizations now must store, process and use data of significantly greater volume and variety than in the past. These factors plus the velocity of data today — the unrelentingly rapid rate at which it is generated, both in enterprise systems and on the internet — add to the challenge of getting the data into a form that can be used for business tasks.
MicroStrategy recently held their annual user conference, MicroStrategy World 2019. This year's conference brought 2,100 customer attendees plus partners to the Phoenix Convention Center in Phoenix, AZ. The big news of the event was the introduction of MicroStrategy HyperIntelligence™, a platform tool designed to directly inject analytics into business applications.
We at Ventana Research recently published our research agendas for 2018. Analytics and business intelligence are evolving and so is our research on their use across practice areas. Earlier research has shown that analytics can deliver significant value to organizations; for example, our predictive analytics research shows that 57 percent of organizations reported achieving a competitive advantage and half created new revenue opportunities with predictive analytics. Waves of investment in self-service analytics have propelled the market for analytics tools, significantly empowering line-of-business organizations to create their own analytics and set their own analytic priorities. But organizations are also beginning to recognize some of the limitations of current analytics implementations – for self-service, for example. Our Data Preparation Benchmark Research reveals that fewer than half (42%) of organizations are comfortable allowing business users to work with data not prepared by IT. Our research this year will continue to explore both the successes and challenges organizations face as they continue to use analytics and BI.
I recently attended SAS Institute’s analyst relations conference. There the company provided updates on its financial performance and its Viya platform and a glimpse into some of its future plans.
Topics: Big Data, Data Science, Mobile Technology, business intelligence, Analytics, Cloud Computing, Collaboration, Data Governance, Data Integration, Data Preparation, Internet of Things, Information Optimization, Machine Learning and Cognitive Computing, Machine Learning Digital Technology
The Internet of Things (IoT) is a technology that extends digital connectivity to devices and sensors in homes, businesses, vehicles and potentially almost anywhere. This advance enables virtually any device to transmit its data, to which analytics can then be applied to facilitate monitoring and a range of operational functions. IoT can deliver value in several ways. It can provide organizations with more complete data about their operations, which helps them improve efficiencies and so reduce costs. It also can deliver a competitive advantage by enabling them to reduce the elapsed time between an event occurring and operational responses, actions taken or decisions made in response to it.
Big data initially was characterized in terms of “the three V’s,” volume, velocity and variety. Nearly five years ago I wrote about the three V’s as a way to explain why new and different technologies were needed to deal with big data. Since then the industry has tackled many of the technical challenges associated with the three V’s. In 2017 I propose that we focus instead on a different letter, which includes these A’s: analytics, awareness, anticipation and action. I’ll explain why each is important at this stage of big data evolution.
Big data has become an integral part of information management. Nearly all organizations have some need to access big data sources and produce actionable information for decision-makers. Recognizing this connection, we merged these two topics when we put together our recently published research agendas for 2017. As we plan our research, we focus on current technologies and how they can be used to improve an organization’s performance. We then share those results with our readers.
Topics: Big Data, Data Science, Analytics, Data Governance, Data Integration, Data Preparation, Information Management, Internet of Things, Machine Learning and Cognitive Computing, Machine Learning Digital Technology
Ventana Research analysts recently published our research agendas for 2017. As we put together these plans we think about the forces that are shaping the markets that we cover and then craft agendas that study these issues to provide insights for our community. I’ve been working in the business intelligence (BI) and analytics market for nearly 25 years, and throughout that time the industry has been trying to make analytics useful to increasingly wider audiences. That focus continues to today. Better search and presentation methods, including visual discovery and natural-language processing, are promising ways to engage more users. We also see organizations supporting their users in specific functional roles with relevant and accessible analytics. My colleagues examine these issues as part of their agendas in the Office of Finance, Sales, Marketing, Customer Experience, Operations and Supply Chain, and Human Capital Management. While their agendas include analytics within specific domains, my own research focuses on a range of analytics issues across domains including cloud computing, mobility, collaboration, data science and the Internet of Things.