Business intelligence (BI) solutions have changed how organizations stay competitive. Instead of relying on gut feeling, decision makers are able to turn to data and identify growth opportunities.
In 2016, Gartner changed its Magic Quadrant criteria for evaluating BI and analytics solutions, allowing some newer contenders to rise in the market.
We reviewed some key trends to determine which of these vendors are keen on delivering this upcoming year.
Key Market Trends
Business intelligence solutions have become critical tools as businesses of all sizes push to become data-driven organizations.
Recently, vendors have been working to put data in the hands of decision makers instead of just IT professionals. Due to this shift, three big trends have emerged: data discovery, self-service BI and data quality management.
As an organization’s data sources increase, its decision makers need more efficient ways to analyze data and determine which opportunities to pursue.
Data discovery tools like visualization and explorative analysis help with this process.
Interactive visualization features use the brain’s ability to recognize patterns, allowing all kinds of users to pinpoint and understand critical information at a glance. Newer features offer business users the ability to track and follow their drill down path to discovering an insight, create dashboards to easily access specific information and make effective presentations and reports for storytelling.
Business users have been asking for self-service tools since BI hit the corporate market. Recently, vendors have made a big push to satisfy this demand.
Building off the data discovery trend, vendors have implemented self-service features to access multiple data sources, blend disparate information and drill down for more granular data views. These user-friendly tools allow C-suite execs to ask questions and find answers right away, virtually eliminating the need to wait on IT for updated reports.
Data Quality Management
As BARC states in its 2017 BI Trends survey, “People can only make the right decisions based on accurate data.”
With information being pulled from a variety of sources, and so many people trying to analyze what the data means, it’s easy for data quality to diminish.
BI vendors have realized this and have created features that make data cleansing, validation and other processes much easier.
These key trends have been significant for a while. As BARC’s survey reports, “Overall, there are no major changes in the ranking of importance of BI trends compared to last year.”
In 2017, we can expect BI vendors to keep data discovery, self-service BI and data quality management as top priorities for their solutions.
Emerging BI & Analytics Vendors
If you’re looking for a BI solution, there are a number of vendors to choose from. We’ve highlighted some of the top vendors in our BI Comparison Guide.
Several up-and-coming BI vendors are evolving to keep up with the latest trends. Here are five you should watch in 2017:
Date founded: 2004
Location: San Francisco, CA
What’s unique: Splunk is a public BI platform using machine learning to cleanse and analyze data from disparate sources. It integrates with your current business applications to help non-IT professionals easily monitor performance in real-time and make actionable decisions. Splunk also offers a library of add-ons allowing companies to customize their analytics capabilities, which separates it from other analytics solutions.
Date founded: 1994
Location: Burlington, MA
What’s unique: Trillium focuses on data cleansing and quality management for better decision-making. Flexible data-profiling features allow business users to prepare data right away, as well as easily recognize and fix data integrity issues. Trillium also gives users the ability to update data in real-time, so organizations don’t have to use outdated information.
3. Logi Analytics
Date founded: 2000
Location: McLean, VA
What’s unique: Logi Analytics is a self-service BI solution with all the bells and whistles of a modern analytics suite. It gives business users the ability to create dashboards, deliver reports and use visual analytics for strategic decision-making. Logi Analytics recently introduced a Facebook-style collaboration tool, allowing non-data professionals to collaborate on insights and have more influence on data-driven decisions.
Date founded: 2010
Location: Irvine, CA
What’s unique: Alteryx is another example of an end-to-end, self-service BI solution. Scalable features allow businesses to prepare, analyze and share data in as quickly as a few hours. Using the platform, business analysts can create repeatable workflows that save time with creating and distributing information.
Date founded: 2015
Location: San Francisco, CA
What’s unique: Panoply.io is a cloud-based data management solution. It increases efficiency by streamlining all data-related tasks from start to finish. Panoply.io can recognize the queries that take the most time and resources, and create optimized equivalents. The solution can also identify the best data configurations for different use cases and adjust them over time to streamline more advanced data professional tasks, like index building and creating sortkeys.