The Democratization of Business Intelligence

By Sushmita Rai, 3rd Eye Advisory Ltd
The Democratization of Business Intelligence

Analytics influence each and every aspect of our existence, from the way we walk, study, think, behave, communicate and do business. Sometimes, we neglect to notice the millions of data recorded or generated by our day to day actions. Billions of records are generated by institutions and organizations on different social media platforms which leads to the explosion of large data of at least 2.5 quintillion bytes. It has been predicted that by the year 2020, we are expected to see a 4,300 percent increase in the actual data generation. Data is generated by several nodes and exchanged seamlessly between channels, ranging from digital to voice to mobile. Mobile data is experiencing exponential growth, especially in the developing world, where it already boasts 5 billion users.

Democratization of data and analytics refers to the process of making unstructured data available to the organization and institutions who need it and have the skill to derive some meaningful information from it. By freezing themselves from data silos and the traditional practice of data collection, storage and access, agile businesses can not only improve their decision making capability, rather they can expedite enterprise data integration and decentralization. It has been observed that many organizations are sitting on a gold mine of data but do not have the effective resources or analytical approach to analyse the data in order to frame effective policies. A study by IBM found that key executives globally spend 70 percent of their time to frame effective policies.

The fact and dynamic changes in the business world have required all other existing organizations to respond rapidly to the ever-evolving market conditions. Many huge advancement, availability and affordability of technologies like cloud computing have made them more accessible to the greater number of people. With the advancement in technologies of analytical field like cloud computing have made them more accessible to the greater number of people. The present era has evolved remarkably in the field of analytics that even the top business managers and key personnel have moved beyond the limits of spreadsheets to engage in deeper analysis and use data insights to guide all type of business decisions. The democratization procedure has merely augmented the creation and adaptation. Democratization of business intelligence creates a persistent need of development in business organizations and the democratization of software tools has also proved evolutionary that has helped many people to easily adapt to ever changing technologies. This tool has helped in getting numerous response or feedback from the end users at various altitudes that makes the business performance even more powerful in nature.

The Challenge of Democratization

Currently, there is a great pressure on businesses and organizations for faster and efficient performance, ease of scalability, reduced costs and more real time data insights. The ability to quickly set up and use the evolved analytical tools and SAS analytic applications without involving IT experts has grown, however making optimal use of these tools and managing them from a technical perspective is a growing challenge especially for companies implementing Business Intelligence initiatives for the first time.

This has stimulated companies to reach out for support from managed services and consulting companies. These outside vendors can perform, recommend, and train teams on specific tasks or infrastructure management strategies related to dashboards and reports, data management, collaboration, best practices, upgrades, and more.

Here at 3rd Eye Advisory® experts provide help to all small and medium sized companies and business that want to compete globally against larger organizations with deeper pockets.

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Article by: Sushmita Rai, 3rd Eye Advisory Ltd
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