Creating long lasting, even future proof data and analytics solutions and fresh development plans to customers requires having a high competence level and a lot of experience, a strong bedrock if you will, to build up from. On top of that you also need to have the ability to look even further into the horizon and understand the directions of development in the industry. We are also still to build the famous crystal ball to foresee the future, but by actively following the industry, listening to our customers, sharing thoughts with our partners and by collecting information gathered by different research companies, we get a comprehensive idea about not only the current BI-market but also of the market in the coming years.
So, what is in the horizon for data and analytics market?
It is clearly visible that the trend of data driven decision making and management that has surfaced long ago is still accelerating its speed. Technological development, changes in both own and customers’ businesses, development needs of different solutions, all combined with the drastic changes in the market environment are forming quite a cross sea, in which even the most stable ship can lose its course. This equation of many fast-changing factors also creates a constant pressure to develop and evolve the status of reporting and data management to the next level. The make best possible decisions, the information that the decisions are based on must be relevant, as timely as possible and in an easily consumable and visually pleasant form. There is also constantly more data available as companies work to digitalize their functions and processes. The benefits that modern reporting tools and data platforms bring to effectiveness of sharing information and decision making is beginning to be vastly recognized. Still in many companies the everyday struggle revolves around the most basic challenges: the lack of data visibility, development is too slow and there is way too much manual work related to reporting. As the needs and situations of companies keep changing businesses are striving to find as agile and scalable solutions as possible. In practice this can be seen in the steep increase in demand for cloud solutions. The same reasons are also affecting behind the popularity of more extensive data platforms and analytics tools with more diverse features. There is still a place for more traditional data warehouses and data modeling, but as the speed gets higher companies are looking for broader solutions that can better support data analyzing and development of intelligent data solutions, such as different data triggered automated alarms or stakeholder data services.
Trend predictions for the rest of 2021 in data and analytics:
- All new data and analytics solutions are build in cloud.
- Microsoft Azure is growing its market share in data and analytics solutions and Power BI continues to challenge the other leading analytic tools.
- Automation increases: seen especially in augmented data management and intelligent data-platform automation with tools
- Users are getting more competent and self-made visual analytics increases
- Organizations are creating more comprehensive development plans – ambitious and bold data- ja analytics strategies.
In case the state of data driven decision making and reporting in your company would benefit from a correction of course, we suggest taking a closer look at Islets data consulting services. We help companies to navigate safely to shore through even the shallowest of waters: whether it is supporting your internal resources in defining work, doing a baseline analysis or the complete plans and executions of data architecture and data strategy as a turnkey solution, all the way to maintenance services.