Augmented analytics has become the front and the center across several business domains today. The technology was originally dedicated to augmenting the analytical persona of the businesses. But, now it is trying to improve the augment methods used by the decision-makers.
In this regard, the well-known research and advisory firm Gartner published its magic quadrant for analytics and business intelligence platforms. This is a report that rates the leading BI and analytics vendors based on their capabilities to execute and accomplish the vision. Based on these two measures, Gartner places each vendor on a graph. Keeping the completeness of the vision on the X-axis and the ability to execute on the Y-axis.
The report that was published recently shared details on augmented analytics capabilities. These include natural language generation, natural language query, and automated insights taking them into primary consideration. However, it is believed that the considerations change as per the vendor’s analytics platforms that fit in the larger ecosystem for analytics.
Instead of a separate BI environment that sits on the top of a database, the new alternative is the analyst ecosystem. It is a merge between the BI platform and database that enables query and analysis. The second approach is to embed the analytics applications into the everyday workflow of the users. Here the business can use collaboration tools such as ERP, CRM, and HR systems. Another aspect is to make the BI a part of the end-to-end analytics platform from the data capture with the help of business insights.
Evaluating the different business vendors
BI is now helping businesses to evaluate the viability of the product. The most common parameter used is how the product is going to fit in the market and how the sales are affecting their sales, accompanied by the overall customer experience, business operations, as well as the overall responsiveness to the trends in the market. These insights also help to predict the business’s ability to pivot as the needs of the customer shift.
When the completeness of the vision is evaluated, factors that are considered include sales strategy, product roadmap, and the ways in which the businesses are innovating.
Key Market trends Critical to Vendors
One of the core market trends is augmented analytics which is helping the key decision-makers of the businesses. The concept is all about data conceptualization with augmenting being a part of the machine learning or an AI-based features such as natural language query. Another thing that recently resurfaced was the project ecosystem or the wider end-to-end data analytics ecosystem.
Microsoft, Salesforce (Tableau), and Qlik Standing Out
Because of the price and value that it offers to the businesses, Microsoft is one of the industry leaders. Apart from Microsoft’s projects, one of the key parts of the suits is Tableau which is one of the forerunners in data visualizations and data discovery. The platform is already benefitting from the Salesforce ecosystem and pulling out a ton of capabilities from it. At the same time, Qlik is also one of the most popularly used tools for data visualization and analysis used by most businesses.
A lot of startups are working today in the analytics space. They must meet the speed of the innovation cycles to stay on the top in augmented analytics and the BI ecosystem.
Source – Tech target