The real cost of legacy business intelligence tools that can’t keep up with data growth
The wide embrace of cloud-based technologies has fuelled explosive data growth over the last decade. This trend is amplified by a hyper acceleration of remote-friendly, digital workflows through the pandemic, which has created even more data to access, integrate, manage and make sense of.
Data has the power to unleash better business performance and drive competitive advantage by augmenting decision-making. But absent the ability to access and deliver data to people and applications that require it, organisations risk muting their chances of thriving in the digital age.
The high stakes have pitted companies against each other in a race to build analytics capabilities to exploit the abundance of data. A recent survey by NewVantage Partners revealed that 92% of Fortune 1000 organisations reported increasing their investments in data initiatives.
Yet despite these investments, businesses are still struggling to become data driven. Only 27% have achieved this goal and just one in five has established a data culture, according to New Vantage Partners’ research. Rather than simplifying decision-making and empowering all employees with powerful insights, all too often companies find themselves with more complexity.
Despite BI tools claiming to be ‘self service’, business leaders frequently need support from data scientists and analysts, resulting in a drag on productivity and adoption rates of just 20%.
“Analytics tools are made for technical users, not managers or even execs,” says Omri Kohl, co-founder and CEO at Pyramid Analytics. “Companies also struggle with consistent KPI reporting across functions because they use different analytics tools, and meetings designed to make data-driven decisions just descend into conversations about inconsistent, inaccurate data.
“After reviewing the dashboard, business leaders struggle to answer: What now? The resulting lack of adoption by non-technical people has a competitive and financial cost. They don’t need a dashboard – they need insights to answer their questions, make decisions and take vital action.”
Nine out of 10 respondents in a recent 451 Research study said data will be more important to their organisation in 2022, and many experts see decision intelligence as the next evolution in analytics and business intelligence (BI). The approach turns major data challenges into myths.
All data no longer has to be in one place to analyse and get answers. This unachievable goal of traditional BI solutions not only slows everything down, but results in less than a fifth of available data being used for decision-making. Meanwhile, companies needn’t expect slow response time when analysing large data sets, nor have to risk replicating data to use in their analytics tools.
The solution to all three classic data problems is for BI and analytics leaders to deliver direct access to data sources, both internal and external. Rather than requiring data to be ingested into analytics tools, decision intelligence enables employees to instantly connect to any data source directly and query and blend data at scale, with data governance and security built in.
Pyramid Analytics is leading the charge to decision intelligence with its ‘one stop shop’ for any analytical needs. With a powerful direct query engine at its core, the Pyramid Decision Intelligence Platform uniquely combines data prep, business analytics and data science to deliver a unified decision-making experience for everyone in the business. Crucially, the purpose-built platform’s intuitive, consistent browser experience allows business users to be self-sufficient while providing the protection of governance for security and compliance.
One organisation that has already benefited from a more streamlined, unified and inclusive decision-making experience is CRU, a global commodity market analysis company. Previously suffering from insistent KPI reporting across its sales and finance functions, the Pyramid Decision Intelligence Platform has helped CRU align on KPIs and get more value from its data.
“Our teams spent more time talking about whether or not they trust the data than analysing the data and making decisions,” says Will Blake, director of technology and analytics at CRU. “With Pyramid’s platform, we now focus on making decisions and uncovering revenue opportunities.”
For more information, visit pyramidanalytics.com/decision-intelligence-platform
Promoted by Pyramid Analytics