In today’s noisy, competitive and globalized economy, keeping up with the latest trends can be challenging. Deciding which technologies to enlist adds to the pressure but is critical to your company’s competitiveness.
In our 2019 trends eGuide, 9 ways data analytics can help your product-centric business, we worked with customers around the world, tracked the insights of industry analysts and reviewed our own technology direction to compile a list of business intelligence (BI) trends. We know that analytics is no longer a function of a few specialists; rather sales, finance, logistics, marketing and other areas of the business are leveraging information to make better data-driven decisions.
We believe the ability to mine value from data has become increasingly important to nearly everyone’s role — especially in product-centric businesses where margins are tight, and floor and shelf space, as well as time, equals money.
The following is an excerpt from our trends eGuide: “9 ways data analytics can help your product-centric business.” Access the complete eGuide here.
Data analytics solutions are becoming more industry specific
Business leaders and professionals across the board now recognize they need software solutions that are easy to use, have the ability to arrange, access and analyze data, and are tailored to their business’ metrics, questions, KPIs and demands.
This means generic or spreadsheet-based packages that require data scientists or IT are becoming overlooked. On day one, if you’re in manufacturing, distribution or retail, you’ll want measures and dimensions to get to the answers that lead you to insights.
The manufacturing industry wants to analyze trends about part price variance: what are the associated costs with engineered versus quality issues scrap?
In distribution, were items delivered in full on time? What is your slow-moving stock?
In retail, what are your live stock turns? Which complementary products should your team upsell? The list goes on.
People want immediate answers because data analytics is now pinpointed. And as BI software becomes more industry specific, organizations are gravitating toward them.
Artificial intelligence helps augment data analytics and people’s knowledge
Artificial intelligence (AI) is no longer a separate product function; rather, it is now incorporated into data analytics solutions to help people solve real-world problems.
Companies are using AI for advanced predictive and prescriptive data analytics. They’re doing this by working with their customers and industry partners to understand the demands for deeper insights, as well as obtain more information from internal and external data sources.
This close AI integration provides a seamless user experience, and deliberately so. People are busy running businesses, not technology, so it’s important for data analytics solutions to explain the logic behind the answers and suggestions, as well as receive live input from users as to how these AI-driven modules are performing in the real world.
Solutions that offer insights on past purchasing behavior, help plan and forecast for the future, and deliver ideas to optimize the business are in high demand. This is a result of their ease of use, ability to help market, buy and sell better, and improve operational efficiencies, ultimately leading to increased profitability — all with the help of AI.
This is only two of the nine trends that we highlight in our new 2019 trends eGuide. In addition to AI and the movement away from general solutions to product, department or industry specific technologies, we dive into third-party application integration, mobility, cloud computing, collaborative BI and more.
Download the entire eGuide by clicking here.