It’s hard to believe enterprise BI platforms have been around for three decades. In that time, they have served the purpose of collecting and analyzing large amounts of data to help businesses make more informed decisions.
But in today’s data-driven economy, analysts struggle to keep up with the myriad of business intelligence reports from traditional BI tools – which fail to effectively and efficiently analyze and interpret data in real-time. The fact is, traditional BI tools were not designed for the massive volume and speed of data in today’s organizations.
To address these shortcomings, Forrester recently published The Future of Business Intelligence report. The report gives technology executives recommendations on how to get more value from their BI applications. The recommendations include infusing by platforms with the power of augmented AI and names Anodot as a vendor with these capabilities.
According to Forrester, many organizations are struggling to get mileage from their current BI applications because they are:
- Not actionable and, therefore, not impactful
- Delivered in silos without context
- Primarily used by data and analytics professionals
Forrester’s report focuses on the emerging technologies and techniques that deliver business insights in a more efficient and effective way – beyond data visualizations and dashboards. We’ve captured the top recommendations for technology executives and data leaders.
Close the gap between insights and outcomes with impactful BI
Forrester says technology and data leaders must never lose sight of the ultimate BI objective: to effect tangible business outcomes with insight’s driven actions.
To start closing the gaps between insights and actions, technology and data professionals should:
- Integrate metadata using advanced tooling
- Leverage digital worker analytics platforms to find links between insights and actions
- Automated operational decisions
- Procure decision intelligence solutions
Effect tangible business outcomes with actionable BI
An insight by itself, no matter how informative or revealing, is not actionable. To make BI actionable, Forrester recommends technology and data leaders should:
- Infuse actions into BI apps
- Embed workflows into analytical applications
- Upgrade business applications with embedded analytics
- Combine analytical and transaction applications via a translytical BI platform
Become more effective with augmented capabilities
Applying actionable insights is one way to influence business outcomes. To make BI more effective with augmented capabilities, technology and data leaders should:
- Adopt an augmented BI platform for AI-infused BI
- Use the augmented BI platform for anticipatory capabilities
Forrester recommends Anodot’s AI-driven business monitoring platform for organizations looking for augmented capabilities. Anodot uses AI and machine learning to analyze 100% of business data in real time, autonomously learning the normal behavior of business metrics.
Rather than developing new views, models, and dashboards, teams leveraging AI analytics gain real-time actionable insights to react to change and predict the future.
Anodot delivers the full context needed for BI teams and business users to make impactful decisions by featuring a robust correlation engine that groups anomalies and identifies contributing factors.
BI should be unified and personalized
Analytics silos continue to plague companies as they implement different platforms for strategic vs. operational insights, structured vs. unstructured data analysis, and basic vs. advanced analytics. Data leaders should invest in options to unify BI as follows:
- Start by unifying all insights-driven decisions under one umbrella
- Proceed to unify analytics on structured and unstructured data
- Integrate multiple BI platforms via a BI fabric
- Emphasize, prioritize, and invest in BI personalization for different users
- Remove the remaining silos by unifying analytical and operational reporting platforms
BI based on adaptive, future fit technology
Forrester predicts that firms that prepare for systemic risk events with a future fit technology strategy will outpace competition by growing at 2.7x industry averages. Technology leaders should make future BI adaptive by:
- Architecting to bring BI to data.
- Investing in decoupled, headless BI
- Opportunistically deploying full-stack platforms
- Adding investigative intelligence to your future BI tech portfolio mix
BI is embedded in all systems of work
According to Forrester, 80% of enterprise decision makers are not using BI applications hands on, rather they are relying on data analytics teams to “bring BI to them”.
To seamlessly embed relevant insights into all digital workspaces, technology and data leaders must prioritize investments in BI functionality embedded in:
- Business applications
- Enterprise collaboration platforms
- Enterprise productivity platforms
In today’s competitive environment, your analytics solution needs to be intelligent in order to deliver business intelligence. Unlike dashboards, by using automated machine learning algorithms in an analytics solution like Anodot, you can eliminate business insight latency, and give your business vital information to detect and solve incidents before losing revenue or customers.