Since the breakout of the Coronavirus epidemic, the need for data and analytics to guide business strategy has been hailed in all corners. Relying on internal data and historical sales to determine future outcomes when there has been a seismic shift in the marketplace is a recipe for failure. Even the most buttoned up organizations have been affected and are uncertain about the longevity of the crisis and whether the shifts in consumer sentiments will last.
According to Gartner, in the recently released Top 10 Trends in Data and Analytics, 2020 report (Gartner subscription required), “these data and analytics technology trends will help to accelerate renewal, drive innovation and rebuild society over the next three to five years. Data and analytics leaders must examine how to leverage these trends into ‘must have’ investments that enable recovery and reinvention after the reset.”
We believe that a good number of these “must haves” support our vision at Signals Analytics, especially around transformation and scaling business impact. By providing both the data and analytics in a configurable data platform, all the elements of a data fabric come together to provide actionable market intelligence that can drive business strategy and tactical outcomes in a cohesive way.
There are many businesses who have tried to implement analytics and have not been able to reap its benefits. Often times this failure is attributed to lack of access to accurate data, or to data that is not timely or relevant to the business, so it is hard to know what to do with it. Other times, the failure relates to lack of internal expertise, a break down between the data and the analytics and the business units that are supposed to take action. More often than not, the challenges simply have to do with internal processes and understanding of how to tie the data analytics to the business strategy itself.
Platforms like Signals Analytics will allow business leaders to keep up with increasing volumes of data, especially those coming from external sources, and be able to address some of their biggest challenges.
Let’s take a closer look at some of the trends Gartner has outlined in the report through the Signals Analytics lens:
These data and analytic trends along with the others are a showcase for how well we believe that Signals Analytics is positioned to meet the needs of today’s enterprise. For more on this and how Signals Analytics can help your business increase the impact of analytics, contact our solutions team.
Gartner “Top 10 Trends in Data and Analytics, 2020,” Rita Sallam, et al, 11 May 2020