By Andrea Alfieri, Head of Marketing
Over the past several years, the market for data discovery tools has grown at 2.5 times that of the overall market for Business Intelligence Software and analytics platforms (IDC). Likewise, BI and analytics remain the highest priority for Gartner clients worldwide again this year. So it’s an understatement to say that data discovery and BI are very hot market segments.
Reflecting those trends, Gartner even changed the primary focus for its annual Magic Quadrant for Business Intelligence Software and Analytics platforms to concentrate primarily on self-service data discovery and platforms that could be used by business managers without IT involvement.
What are data discovery tools/what is data mining software?
Used for data mining and knowledge discovery, data discovery tools enable users to explore and examine data to uncover trends and insights which may not be visible on the surface. Often such tools are implemented by individual users or teams within an organization to meet departmental needs.
While there are many clear advantages for line of business managers and data scientists to use their own data discovery tools without IT’s involvement, and no one can dispute their rapid growth over the past several years, it’s important that companies don’t lose sight of the value of full enterprise BI and Analytics platforms, the best of which now include self service data discovery as a key component.
To put the issues into proper perspective, consider the following five key factors that need to be evaluated in the process of choosing the right mix of data discovery, BI reporting and analytics functionality:
1. Who’s got the correct numbers?
As siloes of self-service data discovery crop up around a company, there’s going to be a great deal of confusion and faulty decisions from different results as those various departments apply their own customized models, from their own sources of data that have not been validated and are often inconsistent with other data sources being used elsewhere in the company. What looked like incredibly insightful analytical results back in one department’s conference room will suddenly look inaccurate when compared with another department that applied its own data discovery from questionable data.
That scenario then becomes the source of many a headache at the C-level when executives compare and contrast the two sets of results. They’ll likely recall that there were both compelling reasons and solid logic behind the search for a single source of truth in the early days of BI. But if the underlying data is wrong, then the entire exercise is flawed and the results will be equally as wrong.
2. Data Siloes Cost Money and Lead to Bad Decisions
When there are dozens of data analysts around a company relying on their own siloes of data to make crucial decisions, without the valuable input of other departments’ findings or properly governed central consolidation, costly errors are bound to result. Take for example if sales prioritizes closing a million dollar deal with a customer that has not been paying its bills for the past two quarters, or if marketing spends most of its budget pushing an item that is about to be dropped from the product line.
3. What’s good for one department, probably isn’t for the full enterprise
Analyses that benefit the entire company with real long-term value usually require far more sophisticated and complex modeling than departmental data discovery by casual business users allows. And the reverse is true as well, since a single insight from one department will probably be based on models and data that won’t scale to benefit the entire enterprise.
4. The productivity trap
While on the surface it would appear to be a good idea to empower inexperienced business users with self-service data discovery tools to conduct their own analyses, building morale and allowing the occasional “ah-ha!” moments, monitoring their time spent doing so usually reveals an inordinate number of hours wasted on irrelevant analyses. And that time, multiplied by five or six departments, can spell the difference between black and red ink at end of the quarter.
5. Repeat of the Excel nightmare
With the recent proliferation of departmental data discovery, too many companies are creating chaos from thousands of business users running hundreds of their own analyses. They are essentially repeating the nightmare of Excel spreadsheets everywhere, which modern Business Intelligence Software and Analytics platforms are supposed to replace. Haven’t we seen this movie before? And don’t we remember how badly it ends?
So how should businesses approach data analysis?
What’s become increasingly evident in recent years is that data discovery tools need to be an integral part of an enterprise BI system if they are to truly deliver the flexibility and speed required by users, while also safely and productively delivering holistic views of the business at an enterprise level, full trustworthy data consistency, and the correct level of data governance.
And it doesn’t end there. Tools must go beyond pure Business Intelligence reporting to offer the ability to predict future outcomes, deliver comprehensive planning capabilities and support better, more informed decisions business-wide. Only then can the true potential of data be exploited.
This is the essence of a successful Decision-Making Platform, which combines data discovery, business intelligence, analytics and planning, drawing validated data from a single database.
DigiView is the ideal solution for you when:
- You want to combine reporting from different data sources dynamically
- The cost of BI is ordinarily not accessible to your business
- You want to incorporate business measures based on acceptable international standards
- You realize BI can improve how you measure, report and manage your business
Key Value Considerations
- Quick and easy Reporting and Dashboarding
- Built-in business logic based on APQC standards
- A simple and quick start-up process
- An offering that does not attempt to tie you in to a long term contract
- DigiView Stencils – Business logic covering the entire Business Value Chain
- Department and Organizational Dashboards
- Pre-configured reports that take away the effort to compile them
- Customization to meet your personalized information needs
DigiView consists of a set of stencils based on industry best practice metrics per reporting line. You can select one or more stencils from the same or across reporting lines. These stencils are visualised in a report per stencil (consisting of a set of graphs). Graphs from different reporting lines and stencils can be collated and represented as dashboards.
Digiterra now offers unique, Pre-defined, easy to understand graphs and charts giving you instant insights for better decision making. Our Digiterra Dashboards & Reporting templates will ensure that your company makes informed decisions that improve business performance with the right information at the right time.
to read more click here Digiterra Reporting & Dashboarding
We understand that, as a decision maker, you need access to accurate, relevant, consolidated information quickly so you can respond to business requirements or challenges.To help you make better decisions faster, we have compiled and built a set of pre-defined financial and business reports based on best practice industry metrics for each domain within the value chain. Digiterra now offers a Power BI based SaaS offering in the cloud. Its features and benefits include:
- Quick start-up and very customizable – so you can get started right away
- Easily extract data from your financial solution – gain performance insights from defined KPIs
- Drilldown capability – to quickly pin point areas for improvement or review
- Drag and combine graphs for comparisons – identify trends and inconsistencies
- Customisable templates for your unique business – See exactly what you need to see
- The ability to join and opt out at will – no locked in contracts, no risk
- Support for technical issues – we quicklly resolve any technical issue or provide advice on functionality
Our digital reporting tool will help you compile reports for Sales Analysis; Strategic Marketing Analysis; Sales Plan vs Forecast; Carrier Performance, HR / Admin; Inventory Turnover; Core Competence Inventory; Capacity Management; Audit Services; Income Statement; Audit Services; Balance Sheet; Call Centre Analysis; Complaints, Returns & Claims and many more.
Our monthly subscription services include:
- Product Updates
- Best Practice Knowledge Base
- Support and Incident logging System
- Monthly payment option (in advance service)
- Switch on /off as required
- No SLA
Support & Customisation Packages:
Bronze: Account Management and 6 hours of consulting time – $440.00 pm
Silver: Account Manager – 12 hours of consulting time- $780.00 pm
Platinum: Account Manager – 18 hours of consulting time- $970.00 pm
For more information on our Dashboarding & Reporting services complete the form below with your contact details and requirements / contact our office:
Digiterra has skilled and experienced BI experts who source, collate and transform critical data into key insights. These insights are represented in easy to understand graphs and charts in reports and dashboards that provide real value through improved decision making.
Rian Durandt (pictured) is the Head of our business intelligence and data analytics division. Rian and his team specialise in providing meaningful BI solutions that align technology to business goals and opportunities and drive value and ROI.
Having consulted and implemented many business solutions within a variety of hype-cycles, here are some Rian’s view on how to make data meaningful in your business.
- More data isn’t always better
- Unstructured data is useful to fill a gap
- More frequent data has a very specific use
- The key to unlock meaning from data is to apply context to the data
He concludes that Data should be mapped to the process (which is aligned to the strategy) – not the other way around. First strategy – then process – then data.
Digiterra’s aim is help our clients grow, meet their strategic and operational objectives and achieve success. One of the ways we do this is through our expert consultancy with a thorough understanding of IT and its ability to enable business. We have expert consultants that assist companies to deliver sustainable and innovative solutions to a variety of business or technical needs or challenges.
We’ll help companies to realise their objectives by linking strategy, process, people and technology into one cohesive entity. Through various frameworks and best practice disciplines, we create or re-engineer processes to align with strategy, ensuring compliance and enabling technology to deliver the expected results.
We work closely with stakeholders to ensure effective adoption of changes.
By Konrad Kolbe
The only constant in life and business is change. Business Transformation is imperative in this ever changing world of technologies and markets.
Digiterra ensures organizations meet this challenge by providing iServer, the tool of choice and a market leading software platform designed to manage successful transformation, holistically.
iServer provides organizations the power to collaboratively, integrate and communicate, fast tracking strategic change across multiple converging disciplines in a single platform.
Digiterra recently attended BOARD’s global conference in Italy. Speakers from around the world shared their insights, experiences and successes with Board’s #1 decision-making platform.
During the exciting three-day event of keynotes, workshops and presentations, Digiterra had the opportunity to explore the power of decision-making in the digital era, discovering BOARD’s most-innovative solutions and gaining valuable insights and in depth knowledge from industry leaders and peers.
It was interesting to talk to BOARD customers who shared how BOARD’s Enterprise Performance Management solution has radically changed the way they see and manage their businesses. Contact us to find out more…
BOARD: A new era of decision-making
Find out how Board can help you with:
Request a Demo today and experience the power of BOARD’s Business Intelligence, Performance Management and Analytics Software
Digiterra and Orbus Software recently hosted a successful event at the prestigious Cape Town club. Thank you to everyone who attended the event, we hope you found it insightful and thought-provoking.
Thank you to Charles Edwards and Joan Pournara for sharing their experience in Enterprise Architecture and successes with iServer.
Congratulations to Cornelia Conradie for winning the Nespresso Coffee machine.
For more information about the event, or to view the presentation material, please contact our local Cape Town Business Development Manager, Konrad Kolbe – 0949901099 – Konrad.email@example.com